GENWORTH FINANCIAL: Genworth MI Canada Inc. Announces the Commencement of Consent Solicitation for its 4.242% Debentures Due April 1, 2024
Genworth Financial issued the following announcement on April 22.
The purpose of the Consent Solicitation is to obtain approval for a proposed amendment to the Supplemental Indenture (the "Proposed Amendment"). The Proposed Amendment, if it becomes effective, would increase the aggregate principal amount of the 4.242% Debentures due April 1, 2024 (the "Debentures") that may be issued under the Supplemental Indenture from $160 million to $300 million, thereby providing the Company with the right, but not the obligation, to offer for issuance up to an additional $140 million principal amount of Debentures, which additional Debentures, if and when issued, would form part of the same series as the existing Debentures. The Proposed Amendment requires the consents of the holders of not less than a majority of the principal amount of the outstanding Debentures (the "Requisite Consents").
The Amendment will not result in any change to the interest rate, payment schedule, maturity date or any other term of the existing Debentures.
The Consent Solicitation will be open until 5:00 p.m. (Eastern time) on May 8, 2019, unless extended or terminated by the Company.
Beneficial owners of the Debentures whose Debentures are held in the name of a bank, trust company, securities dealer or broker, or trustee or other intermediary, or in the name of a clearing agency of which such intermediary is a participant, should contact such intermediary promptly and obtain and follow their intermediary's instructions with respect to the applicable consent procedures and deadlines, which procedures may be different, and which deadlines may be earlier than, the procedures and deadlines set out in the Consent Solicitation Statement.
Those holders of Debentures who validly deliver a consent form prior to the expiry of the Consent Solicitation, where such consent form is accepted by the Company, may be eligible to receive a fee equal to $1.00 per $1,000 principal amount of Debentures, as set out in the Consent Solicitation Statement, subject to the satisfaction or waiver of various conditions as described in the Consent Solicitation Statement.
The record date for the purposes of the Consent Solicitation is 5:00 p.m. (Eastern time) on April 17, 2019. The effectiveness of the Proposed Amendment and payment of the fee are subject to the satisfaction or waiver of the conditions set out in the Consent Solicitation Statement.
This press release is neither a solicitation of consent, an offer to purchase Debentures nor a solicitation of an offer to sell securities. The Consent Solicitation is being made solely by the Consent Solicitation Statement.
Requests for assistance in completing a consent form or requests for copies of the Consent Solicitation Statement, the consent form or other related documents should be directed to the Information Agent, Laurel Hill Advisory Group , at 1-877-452-7184 (North American Toll Free), or by calling 1-416-304-0211 (Collect Outside North America) or by email to firstname.lastname@example.org. Questions concerning the terms of the Consent Solicitation should be directed to the Solicitation Agent, Scotia Capital Inc., Attention: Danielle Clements-Lewis, by calling 416-863-2871, or by email to email@example.com.
Original source: http://newsroom.genworth.com/2019-04-22-Genworth-MI-Canada-Inc-Announces-the-Commencement-of-Consent-Solicitation-for-its-4-242-Debentures-Due-April-1-2024