Genworth Financial Inc. closed its previously announced $450 million senior secured term loan.
The loan has a five-year term and will bear interest at a per annum rate equal to the London Interbank Offered Rate plus 4.50%.
The net proceeds from the term loan, together with cash on hand, will be used 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.
China Oceanwide Holdings Ltd. affiliate Oceanwide Center LLC was the lead investor in the term loan with a $60 million allocation.
