Genworth Financial Enters Into $300 Million Credit Agreement
RICHMOND, Va., Sept. 26, 2013 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW), and its wholly owned subsidiary Genworth Holdings, Inc., announced today the entrance into a credit agreement that provides Genworth Holdings, Inc. with a three-year $300 million, multicurrency revolving credit facility, with a $100 million sublimit for letters of credit. The proceeds of the loans may be used for working capital and general corporate purposes. The obligations under the credit agreement are unsecured and payment of Genworth Holdings, Inc.'s obligations is fully and unconditionally guaranteed by Genworth Financial, Inc.
"We are pleased to have entered into this credit agreement as it represents another milestone in our plan to turn the company around," said Martin P. Klein, executive vice president and chief financial officer. "With access to the credit facility, we have further strengthened our balance sheet and enhanced our financial flexibility."
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement --including life insurance, long term care insurance, and financial protection coverages --and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth releases important information via postings on its corporate website.
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SOURCE Genworth Financial, Inc.