Genworth Wealth to launch $255 million credit facility on Wednesday

By Sara Rosenberg

New York, June 11 - Genworth Wealth Management is set to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $255 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The facility consists of a $25 million five-year revolver and a $230 million seven-year first-lien term loan, the source said.

The term loan has 101 soft call protection for one year.

Covenants include a total net leverage ratio.

Proceeds will be used to help fund the $412.5 million buyout of the company by Genstar Capital LLC and Aquiline Capital Partners LLC from Genworth Financial Inc.

Expected ratings are in the single-B area, the source added.

Commitments are due on June 26.

Genworth is a Richmond, Va.-based product provider in the wealth management industry.

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