RICHMOND, Va., Nov. 7 /PRNewswire-FirstCall/ -- Genworth Financial
(NYSE: GNW) today announced that it has priced a public offering of fixed-to-
floating rate junior subordinated notes in an aggregate principal amount of
$600 million. Genworth intends to use approximately $319 million of the net
proceeds from this offering to reduce its outstanding commercial paper
borrowings and any remaining proceeds for general corporate purposes.
The notes have a 60-year final maturity and bear interest at the fixed
rate of 6.15% for an initial 10-year period. After the initial 10-year period,
the notes will bear interest at the rate of three-month LIBOR plus 2.0025%.
The notes are rated A3 by Moody's Investors Service, BBB+ by Standard & Poor's
and A- by Fitch.
Morgan Stanley & Co. Incorporated was the sole structuring advisor for
this offering. Morgan Stanley & Co. Incorporated, Deutsche Bank Securities
Inc. and Goldman, Sachs & Co. were the joint bookrunners for this offering.
Copies of the prospectus supplement and the accompanying prospectus relating
to the offering may be obtained from Morgan Stanley & Co. Incorporated, 180
Varick Street, New York, New York 10014, Deutsche Bank Securities Inc.,
Attention: Prospectus Department, 1251 Avenue of the Americas, 25th Floor, New
York, New York 10020 and Goldman, Sachs & Co., Attention: Prospectus
Department, 85 Broad Street, New York, New York 10004.
This announcement does not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state in which the offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
that state.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading insurance holding
company, serving the lifestyle protection, retirement income, investment and
mortgage insurance needs of more than 15 million customers, and has operations
in 24 countries.
Caution Concerning Forward-Looking Statements
This document includes certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to our plans,
expectations and intentions and other statements contained in this report that
are not historical facts as well as statements identified by words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," or words of similar meaning. These statements are based on our
current beliefs or expectations and are inherently subject to significant
uncertainties and changes in circumstances, many of which are beyond our
control. Actual results may differ materially from these expectations due to
changes in global political, economic, business, competitive, market and
regulatory factors.
SOURCE Genworth Financial, Inc.
CONTACT: Investors: Alicia Charity, +1-804-662-2248,
Alicia.Charity@genworth.com, or
Media: Phil Moeller, +1-804-662-2534,
Philip.Moeller@genworth.com,
both of Genworth Financial, Inc.
