Genworth Wealth launches $230 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, June 12 - Genworth Wealth Management launched on Wednesday its $230 million seven-year first-lien term loan with price talk of Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

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

The company's $255 million credit facility also provides for a $25 million five-year revolver.

Covenants include a total net leverage ratio.

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

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.

Commitments are due on June 26.

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

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