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Genworth completes consent solicitation for outstanding senior notes.

BANKING AND CREDIT NEWS-October 12, 2018-Genworth completes consent solicitation for outstanding senior notes


Genworth Holdings, Inc. has announced it has received and accepted the requisite consents for its consent solicitation proposing certain amendments to the indenture governing the company's outstanding senior notes, the company said.

The consent solicitation expired October 3, 2018. As of the expiration time, the company had received the consent of holders of at least a majority in aggregate principal amount outstanding of each series of notes outstanding under the Indenture. These consents may not be revoked.

Pursuant to the terms and subject to the conditions set forth in the consent solicitation statement previously distributed to holders of the notes, the company will pay a consent fee of USD 2.50 per USD 1,000 in principal amount of notes to any holder who validly delivered a duly executed consent prior to the expiration time that was not properly revoked.

The company currently anticipates total fees related to the consent solicitation to be approximately USD 11 million, inclusive of consent, broker and investment banking fees.

Genworth Holdings, Inc. is a direct wholly owned subsidiary of Genworth Financial, Inc. (NYSE: GNW).

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Publication:M2 Banking & Credit News (BCN)
Date:Oct 12, 2018
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