Genworth Announces Redemption of Outstanding 2023 Senior Notes

Rhea-AI Summary

Genworth Financial, Inc. (GNW) announced a notice of redemption for its outstanding 4.900% Senior Notes due 2023, effective December 15, 2021. The redemption price will be 100% of the principal amount, along with a make-whole premium and any accrued interest. The redemption will be managed by The Bank of New York Mellon Trust Company. This strategic move is part of Genworth's financial management efforts. Genworth Holdings is a wholly-owned subsidiary of Genworth Financial, which also owns Enact Holdings, a leading mortgage insurance provider.

Positive

• Redemption of 4.900% Senior Notes due 2023 shows proactive financial management.
• Enhances balance sheet by eliminating upcoming debt obligations.

Negative

• None.

RICHMOND, Va., Nov. 15, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) ("Genworth"), announced today that Genworth Holdings, Inc. ("Genworth Holdings"), its direct wholly-owned subsidiary, has issued a notice of redemption for all of its outstanding 4.900% Senior Notes (the "Notes") due 2023. The redemption date of the Notes will be December 15, 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 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 Financial, Inc.

FAQ

What is Genworth Financial's plan for its 4.900% Senior Notes due 2023?

Genworth Financial plans to redeem its outstanding 4.900% Senior Notes due 2023 on December 15, 2021.

What will be the redemption price for the Senior Notes issued by Genworth Holdings?

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

Who is handling the redemption of Genworth's Senior Notes?

The redemption will be managed by The Bank of New York Mellon Trust Company.

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

This redemption reflects Genworth's strategy to manage debt effectively, which could impact future financial stability.