Genworth Completes Redemption of Outstanding 2021 Senior Notes

Rhea-AI Summary

Genworth Financial, Inc. (NYSE: GNW) announced the successful redemption of all $513 million of its 7.625% Senior Notes due July 21, 2021. The total cash used for this redemption amounted to approximately $532 million, covering the principal, a make-whole premium, and accrued interest. This move reflects Genworth's commitment to maintaining a strong balance sheet and managing its financial obligations effectively. As a leading insurance holding company, Genworth focuses on providing mortgage and long-term care insurance to assist families in achieving homeownership and addressing aging financial challenges.

Positive

• Successful redemption of $513 million Senior Notes, enhancing financial stability.
• Total cash used for redemption was approximately $532 million, showing effective capital management.

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• None.

RICHMOND, Va., July 21, 2021 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) announced today that Genworth Holdings, Inc. ("Genworth Holdings"), its direct wholly-owned subsidiary, has completed the redemption of all $513 million aggregate principal amount of its outstanding 7.625% Senior Notes (the "Notes") due 2021. Cash used for the redemption was approximately $532 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 July 21, 2021.

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.

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SOURCE Genworth Financial, Inc.

FAQ

What was announced by Genworth Financial on July 21, 2021?

Genworth Financial announced the redemption of its outstanding 7.625% Senior Notes amounting to $513 million.

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

Genworth used approximately $532 million in cash for the redemption.

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

The redemption improves Genworth's financial stability and management of obligations.

What is Genworth Financial's stock symbol?

Genworth Financial trades under the stock symbol GNW.