NG U.S., Inc. VOYA announced
today that it has priced a private placement of $750 million principal
amount of 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053
(the "Notes"). The Notes will bear interest at a fixed rate of 5.65% until
May 15, 2023, and thereafter will bear interest at a floating rate equal to
three-month LIBOR plus 3.58%. The offering is subject to customary closing
conditions and is expected to close on May 16, 2013.
The notes will be guaranteed on an unsecured, junior subordinated basis by
Lion Connecticut Holdings Inc. ("Lion Holdings"), a subsidiary of ING U.S.,
Inc.
ING U.S. intends to use the proceeds for the repayment of all amounts
currently outstanding on an existing term loan agreement under a syndicated
bank facility entered into in April 2012 and the partial repayment of
amounts owed to ING Verzekeringen N.V. ("ING V"), a subsidiary of ING Groep
N.V.
The Notes have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or any state securities laws, and unless so
registered, the securities may not be offered or sold in the United States
except pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and applicable state
securities laws.
This press release is being issued pursuant to Rule 135c under the
Securities Act, and is neither an offer to sell, nor a solicitation of an
offer to buy, the Notes or any other securities, and shall not constitute an
offer to sell, or a solicitation of an offer to buy, or a sale of, the
Notes, or any other securities, in any jurisdiction in which such offer,
solicitation or sale is unlawful.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in