Genworth Announces Redemption of Outstanding 2021 Senior Notes

Rhea-AI Summary

On June 21, 2021, Genworth Financial (NYSE: GNW) announced a redemption notice for all outstanding 7.625% Senior Notes due 2021, with a redemption date set for July 21, 2021. The redemption price will be 100% of the principal amount plus any accrued interest and a make-whole premium. The Bank of New York Mellon Trust Company will act as the Paying Agent for this redemption. Genworth Financial, a Fortune 500 company, specializes in mortgage insurance and long-term care insurance, aiding families in addressing financial challenges.

Positive

• Redemption of all outstanding 7.625% Senior Notes could strengthen financial position.
• No additional debt will accumulate from these notes after redemption, potentially improving cash flow.

Negative

• None.

RICHMOND, Va., June 21, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) announced today that Genworth Holdings, Inc. ("Genworth Holdings"), its direct wholly-owned subsidiary, has issued a notice of redemption for all of its outstanding 7.625% Senior Notes (the "Notes") due 2021. The redemption date of the Notes will be July 21, 2021, and the redemption price of the Notes will be 100% of the principal amount plus a make-whole premium and accrued and unpaid interest to, but excluding, the redemption date.

The Paying Agent for the redemption of the Notes is The Bank of New York Mellon Trust Company, N.A., Global Corporate Trust, 111 Sanders Creek Parkway, East Syracuse, New York 13057.

About Genworth Financial

Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.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 7.625% Senior Notes due 2021. 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 Financial, Inc.

FAQ

What did Genworth Financial announce on June 21, 2021?

Genworth Financial announced a redemption notice for all outstanding 7.625% Senior Notes due 2021, effective July 21, 2021.

What is the redemption price for the Senior Notes by Genworth Financial?

The redemption price for the Senior Notes will be 100% of the principal amount plus accrued interest and a make-whole premium.

Who is the Paying Agent for Genworth's Senior Notes redemption?

The Bank of New York Mellon Trust Company will serve as the Paying Agent for the redemption of the Senior Notes.

Why is Genworth Financial redeeming its 7.625% Senior Notes?

The redemption is likely aimed at strengthening Genworth's financial position by eliminating outstanding debt.

When is the redemption date for Genworth's 2021 Senior Notes?

The redemption date for Genworth's 7.625% Senior Notes is July 21, 2021.