Genworth Financial secures $450 million term loan
Richmond, Virginia’s Genworth Financial recently completed a $450 million transaction in the form of a senior secured term loan, with proceeds to roll over to previous capital debts and potentially support upcoming commitments.
China Oceanwide Holdings Group Co. Ltd. functioned as the term loans chief investor by allotting the amount of $60 million through its affiliate Oceanwide Center LLC.
Sidley Austin LLP advised Genworth on the new financing, while Goldman Sachs Lending Partners LLC and JPMorgan Chase Bank N.A. jointly served as both lead arrangers and book runners for the transaction. The terms were revealed to be a five-year limit bearing interest in an amount equivalent to the London Interbank Offered Rate ("LIBOR") plus 4.5 percent. The term loan was issued at 99.5 percent of par value.
Genworth Financial is a Fortune 500 insurance holding firm that focuses on assisting families with homeownership via mortgage insurance, as well as handling financial challenges unique to the aging population through long term care insurance. The company’s origins date back to 1871, and it became publicly owned in 2004.