Genworth Financial Inc. and its parent, General Electric Company, plan to get cash from investors.[@@]
Genworth, Richmond, Va., says it wants to borrow $350 million from investors by issuing 10-year senior notes that will pay an annual interest rate of 4.95%.
Genworth hopes to use the proceeds from the offering to reduce the amount of money it borrows by issuing commercial paper.
Meanwhile, General Electric, Fairfield, Conn., is selling a large allotment of its Genworth shares to other investors.
General Electric once owned all of Genworth, then took Genworth public by selling a minority interest to the public in May 2004. In May 2005, General Electric said it wanted to further reduce its stake in Genworth.