By Aleesia Forni
Virginia Beach, Va., Aug. 5 - Genworth Holdings Inc. priced and upsized $400 million 4.9% 10-year notes (Baa3/ BBB-/) during Monday's session at a spread of Treasuries plus 230 basis points, according to a syndicate source.
The original issue size was $300 million.
The company sold the notes at 99.686 to yield 4.94%.
Barclays, Goldman Sachs & Co. and J.P. Morgan Securities LLC are the joint bookrunners.
The company plans to use proceeds, together with cash on hand, to redeem a majority of its outstanding 4.95% senior notes due 2015 and for general corporate purposes, which may include repaying debt.
The notes will be guaranteed by Genworth Financial Inc.
The financial security company is based in Richmond, Va.
| Issuer: | Genworth Holdings Inc.
|
| Guarantor: | Genworth Financial Inc.
|
| Issue: | Senior notes
|
| Amount: | $400 million, upsized from $300 million
|
| Maturity: | Aug. 15, 2023
|
| Bookrunners: | Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC
|
| Coupon: | 4.9%
|
| Price: | 99.686
|
| Yield: | 4.94%
|
| Spread: | Treasuries plus 230 bps
|
| Trade date: | Aug. 5
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Price talk: | 235 bps over Treasuries
|
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