Genworth Posts Term Loan Credit Agreement

The agreement also shows that Genworth may have to pay its lenders back early if it gets a large amount of cash or sells a major unit. The parties agree in the definitions, however, that, if China Oceanwide Holdings Group Co. Ltd. or a China Oceanwide unit succeeds at acquiring Genworth, that would not constitute a change of control of Genworth.

In the agreement, the parties state that the China Oceanwide entities that are involved with the Genworth deal are Asia Pacific Global Capital Co. Ltd. of China and Asia Pacific Global Capital USA Corp. of Delaware.

The credit agreement also lists Genworth’s other lien holders.

The list shows that Genworth has leased computers, through an office in Richmond, from a unit of Dell; audio visual systems, through an office in Concord, California, from Avidex Industries L.L.C.; and photocopiers, printers, fax machines, video conferencing systems, and other systems, through an office in Canada, from Ricoh.

In a list of other commitments, the parties say Genworth has promised to spend $175 million to “facilitate the separation and isolation of the long term care business” by unstacking the unit that wrote the LTCI coverage from the unit that wrote life and annuity products.

A copy of the credit agreement is available here.

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