Genworth Financial Inc. has been able to borrow more money than it predicted it could in February.
The Richmond, Virginia-based insurer announced Wednesday that it has obtained a $450 million senior secured term loan from a “syndicate,’ or group of lenders.
Genworth needs the cash from the loan to pay notes that will come due in May.
(Related: Genworth Could Sell Non-U.S. Mortgage Units If Term Loan Efforts Fall Through)
Genworth has been a leader in the markets for life insurance, annuities, long-term care insurance and mortgage insurance.
The company has pulled back from sales of life and annuity products, and slowed LTCI sales, because of concerns about how low interest rates and problems with the assumptions built into some of its products have have affected the performance of the products.
The company warned in February, in its annual financial report for 2017, that it might be able to borrow only $400 million, and that it was not certain that it could get the term loan.