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June 22, 2010 at 08:00 PM
Genworth Financial Inc. has issued $400 million in senior notes.
The securities, which began trading on June 21, carry a 7.7% interest rate and fall due June 15, 2020.
Genworth, Richmond, Va. (NYSE:GNW), says it will use more than 5% of the offering proceeds pay back money borrowed from affiliates of Banc of America Corp., Charlotte, N.C.
Genworth will use $200 million to repay balances of $100 million under each of two 5-year revolving credit facilities, and it will use the rest of the cash for general corporate purposes
The net proceeds from the offering total $397 million, Genworth says.
The underwriting discount is fixed at 0.65%. The difference between the rate paid on the notes and the comparable Treasury benchmark rate is 4.46 percentage points.
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