Company Update (NYSE:GNW): Genworth Announces Completion Of Consent Solicitation For Its Outstanding Notes And Receipt Of Requisite Consents

Genworth Holdings, Inc., a direct wholly-owned subsidiary of Genworth Financial, Inc. (NYSE:GNW), announced that it has received and accepted the requisite consents with respect to its previously announced consent solicitation proposing certain amendments to the indentures governing the Company’s outstanding notes set forth in the table below.

Outstanding Principal Amount

Description of Securities

CUSIP Number

Consent Fee per $1,000 in Principal Amount of Notes


6.515% Senior Notes due May 2018




7.700% Senior Notes due June 2020




7.20% Senior Notes due February 2021




7.625% Senior Notes due September 2021




4.900% Senior Notes due August 2023




4.800% Senior Notes due February 2024




6.500% Senior Notes due June 2034




6.15% Fixed-to-Floating Rate Junior Subordinated Notes due November 2066



The consent solicitation expired at 5:00 p.m., New York City time, on March 18, 2016.  As of the expiration time, the Company had received the consent of holders of at least a majority in aggregate principal amount outstanding of each series of notes outstanding under its indentures. These consents may not be revoked.

Pursuant to the terms and subject to the conditions set forth in the consent solicitation statement previously distributed to holders of record of the Company’s notes as of March 3, 2016, the Company will pay the consent fees as set forth in the table above to any holder who validly delivered a duly executed consent prior to the expiration time that was not properly revoked.  The Company expects to pay the consent fees on Tuesday, March 22, 2016.

With respect to any consent in respect of a series of notes accepted by the Company, the Company will also pay the relevant soliciting broker a fee of $5 per $1,000 principal amount of notes of such series to which the consent relates, provided that such fee will only be paid with respect to the first $250,000 aggregate principal amount of each series of notes for which a consent is provided by any individual holder.

The Company currently anticipates total fees related to the consent solicitation to be approximately $65 million, inclusive of consent, broker, advisor and investment banking fees. (Original Source)

Shares of Genworth Financial closed last Friday at $3.03, up $0.08 or 2.71%. GNW has a 1-year high of $9.19 and a 1-year low of $1.57. The stock’s 50-day moving average is $2.35 and its 200-day moving average is $3.83.

On the ratings front, Genworth Financial has been the subject of a number of recent research reports. In a report issued on February 9, UBS analyst Suneet Kamath maintained a Sell rating on GNW, with a price target of $1.75, which reflects a potential downside of -42.2% from last closing price. Separately, on February 5, BTIG’s Mark Palmer maintained a Buy rating on the stock and has a price target of $5.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Suneet Kamath and Mark Palmer have a total average return of -0.7% and -9.8% respectively. Kamath has a success rate of 50.0% and is ranked #2472 out of 3760 analysts, while Palmer has a success rate of 37.2% and is ranked #3713.

Genworth Financial Inc is a financial security company. It provides insurance, wealth management, investment and financial solutions.


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