Voya Financial Inc. has launched tender offers for its 5.500% senior notes due July 15, 2022, as well as three debentures of subsidiary Voya Holdings Inc.
Voya Holdings' 7.250% debentures due Aug. 15, 2023; 7.625% debentures due Aug. 15, 2026; and 6.970% debentures due Aug. 15, 2036, are involved in the offer.
Voya Financial can purchase the notes for an amount equal to the excess, if any, of $325 million over the amount paid to purchase the debentures. The notes may be subject to proration.
The early participation date is Sept. 17, while the expiration date for the offers is Oct. 1. The final settlement date is expected to be Oct. 3.
Voya Financial has the option to increase the maximum tender amount. It plans to redeem some or all of the 2022 notes that remain outstanding following the completion of the tender offer.
Voya Financial retained Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Merrill Lynch Pierce Fenner & Smith Inc. and RBC Capital Markets LLC as the dealer managers. Ipreo LLC is the tender agent and information agent.
Additionally, Voya Financial plans to offer series A fixed-rate reset noncumulative preferred stock at $1,000 apiece.
The company plans to use net proceeds to redeem certain outstanding notes and debentures and for general corporate purposes.
Deutsche Bank Securities, Credit Suisse Securities (USA) LLC, Merrill Lynch Pierce Fenner & Smith and RBC Capital Markets are serving as joint book-running managers for the offering.