Insurance holding company Genworth Financial closed a $450 million senior secured term loan. Goldman Sachs Lending Partners and JPMorgan Chase acted as joint lead arrangers and joint book runners for the transaction.
The loan has a five-year term, bears interest at a per annum rate equal to LIBOR plus 4.50%, and was issued at a price equal to 99.5% of par value. The proceeds of the term loan will be used, together with cash on hand, to repay existing indebtedness and transaction fees and expenses, and could be used to pay Genworth’s 6.515% senior unsecured notes due May 2018.
China Oceanwide Holdings Group, through its affiliate, Oceanwide Center, was the lead investor in the term loan with a $60 million allocation.
Sidley Austin acted as financial advisor for Genworth on the new loan.