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Voya Financial restates revolver to extend maturity, reduce capacity
By Marisa Wong
Morgantown, W.Va., May 6 – Voya Financial, Inc. amended and restated on May 6 its amended and restated revolving credit agreement dated Feb. 14, 2014 to extend the term and reduce the total borrowing capacity, according to an 8-K filing with the Securities and Exchange Commission.
The latest amendment extends the term of the agreement to May 6, 2021 and reduces the total borrowing capacity to $2.25 billion.
Under the restated credit agreement, an aggregate amount of up to $2.25 billion is available for issuances of letters of credit, of which up to $750 million is available for direct borrowings.
Loans bear interest at Libor plus an applicable margin, subject to a 0% Libor floor. The applicable margin ranges from 125 basis points to 225 bps, depending on the company’s debt ratings.
There is also a commitment fee that ranges from 15 bps to 40 bps, depending on debt ratings.
In addition, the credit agreement contains some financial covenants, including a requirement to maintain a minimum net worth of $9.6 billion, with adjustments for future equity issuances.
The joint lead arrangers and joint bookrunners are Bank of America Merrill Lynch, Citigroup Global Markets Inc., JPMorgan Chase Bank, NA, MUFG, ING Bank NV, London Branch, Mizuho Bank, Ltd., SunTrust Robinson Humphrey, Inc. and U.S. Bank NA. Bank of America, NA is the administrative agent, and Citibank, NA and JPMorgan are syndication agents. Barclays Bank plc, BMO Harris Bank, NA, BNP Paribas, Deutsche Bank AG New York Branch, Industrial and Commercial Bank of China Ltd., New York Branch, Royal Bank of Canada and Wells Fargo Bank, NA are documentation agents.
Voya is a financial, retirement, investment and insurance company based in New York.
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