Genworth Completes Redemption of Outstanding 2023 Senior Notes

Rhea-AI Summary

Genworth Financial, Inc. (NYSE: GNW) has completed the redemption of all $308 million of its 4.900% Senior Notes due 2023, using approximately $334 million in cash. This amount covers the principal, a make-whole premium, and accrued interest up to the redemption date of December 15, 2021. Genworth Holdings, its wholly-owned subsidiary, executed this transaction. As a Fortune 500 provider, Genworth addresses financial challenges related to aging, while also being the parent company of Enact Holdings, Inc. (Nasdaq: ACT).

Positive

• Successful completion of $308 million Senior Notes redemption, enhancing financial flexibility.
• Strengthens balance sheet as outstanding debt is reduced.

Negative

• None.

RICHMOND, Va., Dec. 15, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) ("Genworth"), announced today that Genworth Holdings, Inc. ("Genworth Holdings"), its direct wholly-owned subsidiary, has completed the redemption of all $308 million aggregate principal amount of its outstanding 4.900% Senior Notes due 2023 (the "Notes"). Cash used for the redemption was approximately $334 million, which included the aggregate principal amount of the Notes being redeemed, plus a make-whole premium and accrued and unpaid interest to, but excluding, the redemption date of December 15, 2021.

About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 provider of products, services and solutions that help families address the financial challenges of aging. Headquartered in Richmond, Virginia, we apply our nearly 150 years of experience each day to helping people navigate caregiving options and fund their long term care needs. Genworth is also the parent company of publicly traded Enact Holdings, Inc. (Nasdaq: ACT), a leading U.S. mortgage insurance provider. For more information on Genworth, please visit https://www.genworth.com. From time to time Enact separately releases financial and other information about its operations. This information can be found at https://ir.enactmi.com/.

From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.

Cautionary Note Regarding Forward-Looking Statements  
This press release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements regarding the redemption of the 4.900% Senior Notes due 2023. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially from those in the forward-looking statements due to global political, economic, business, competitive, market, regulatory and other factors and risks. We therefore caution you against relying on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

 

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SOURCE Genworth Holdings, Inc.

FAQ

What is the significance of Genworth's recent redemption of Senior Notes?

The redemption of $308 million in Senior Notes improves Genworth's financial position by reducing outstanding debt.

How much cash did Genworth use for the redemption of its Senior Notes?

Genworth used approximately $334 million in cash for the redemption, which includes the principal, make-whole premium, and interest.

When did Genworth complete the redemption of its Senior Notes?

The redemption was completed on December 15, 2021.

What is the ticker symbol for Genworth's parent company?

The ticker symbol for Genworth's parent company, Enact Holdings, is ACT.