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Voya Financial announces redemption of 3.125% senior notes due 2024
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Voya Financial, Inc. (NYSE: VOYA) has announced the redemption of its 3.125% Senior Notes due 2024, with an outstanding principal amount of $400,000,000. The redemption will occur on Nov. 29, 2021, at a price equal to either 100% of the principal plus accrued interest or the Make-Whole Redemption Amount, whichever is greater. The funding for this redemption will be sourced from cash on hand, emphasizing Voya's financial stability and liquidity.
Positive
Redemption of 3.125% Senior Notes indicates strong liquidity.
Use of cash on hand for redemption reflects solid financial management.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Voya Financial, Inc. (NYSE: VOYA) (“Voya” or the “Company”), announced today that it has called for the redemption of all of its 3.125% Senior Notes due 2024 (the “2024 Notes”), of which $400,000,000 aggregate principal amount is outstanding. The 2024 Notes will be redeemed on Nov. 29, 2021 at a redemption price equal to the greater of (i) 100% of the principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date, or (ii) the Make-Whole Redemption Amount (the “Redemption Price”). The Company intends to fund the redemption amount from cash on hand.
COMMENTARY REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release, including those describing the redemption and the anticipated source of funds for the redemption, constitute forward-looking statements. These statements are not historical facts but instead represent only Voya’s belief regarding future events. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Trends and Uncertainties” in Voya’s Annual Report on Form 10-K for the year ended December 31, filed with the SEC on March 1, 2021 (the “2020 Form 10-K”), and under “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Trends and Uncertainties” in Voya’s 2020 Form 10-K, Quarterly Reports on Form 10-Q for the quarters ended June 30, 2021, filed with the SEC on Aug. 6, 2021, and the other filings Voya makes with the SEC.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), provides health, wealth and investment solutions that enable its approximately 14.8 million individual, workplace and institutional clients to achieve their financial wellness goals with confidence. With a vision to be America’s Retirement Company®, Voya’s products, solutions and digital capabilities help create a better financial future for all. Voya is a Fortune 500 company that had $7.6 billion in revenue in 2020 and $721 billion in total assets under management and administration as of June 30, 2021. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has earned recognition as one of the World’s Most Ethical Companies® by the Ethisphere Institute; as the No. 1-ranked financial services firm among Barron’s 100 Most Sustainable Companies for three consecutive years; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
