Genworth receives majority consent to amend RCC, allowing repurchase of 2066 notes tied to 2034 note buybacks

GENWORTH FINANCIAL INC

Holders of at least a majority of the 6.500% Senior Notes due 2034 consented to the RCC amendment effective Oct. 18, 2023.
Amendment permits Genworth to repay, redeem or repurchase $2,000 of 2066 junior subordinated notes per $1,000 of 2034 notes repurchased on/after Oct. 23, 2023.
RCC will terminate if outstanding principal of the 2034 notes falls below $100 million.
Amendment is contingent on Genworth fulfilling its obligation to repurchase 2034 notes under the related Note Repurchase and Consent Agreement.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GENWORTH FINANCIAL INC amended RCC Amendment with Holdings (effective 2023-10-18).

Action: amendment
Counterparty: Holdings
Effective: 2023-10-18

Exact text from the filing

Background On October 18, 2023, Genworth Holdings, Inc. (“Holdings”), a direct wholly owned subsidiary of Genworth Financial, Inc., received the requisite consents consisting of a majority in principal amount of Holdings’ 6.500% Senior Notes due 2034, pursuant to its previously announced solicitation of consents (the “Consent Solicitation”) to amend the Replacement Capital Covenant, dated as of November 14, 2006 (the “RCC”).

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Source: SEC EDGAR

accession 0001193125-23-258913

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