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Genworth Financial prices loan facility

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Genworth Financial prices loan facility

Genworth Financial Inc. has allocated and priced its proposed $450 million senior secured term loan.

The proposed term loan is expected to close March 7.

The term loan will bear interest at a per annum rate equal to the London Interbank Offered Rate plus 4.50%.

The company expects to use the net proceeds, together with cash on hand, to repay existing debts and transaction fees and expenses. The proceeds could also be used to pay Genworth Financial's 6.515% senior unsecured notes due May 2018.