BRIEF: Genworth Financial repays remaining 2009 debt

Mon. June 15, 2009; Posted: 02:35 PM

Jun 15, 2009 (Richmond Times-Dispatch - McClatchy-Tribune Information Services via COMTEX) -- GNW | Quote | Chart | News | PowerRating -- Henrico County-based Genworth Financial Inc. hit a key financial target today by repaying the last of its long-term debt coming due this year.

The insurance giant repaid the full $331 million of outstanding 4.75 percent notes due June 15. Last month, Genworth repaid $330 million of 5.23 percent notes that were due in May 2009.

Genworth now has no long-term debt maturities coming due for repayment until 2011.

Last fall, as the credit crisis deepened, Genworth's stock plunged as Wall Street traders worried about the company's debt burden.

But as investors worried, Genworth moved methodically to boost its cash. It ended the first quarter of this year with $7.1 billion of cash and cash equivalents on hand. Most of that is designated as backing for its insurance and annuities operations, but it included $768 million at the holding company level, where is it used for debt service payments and other corporate obligations.

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For full details on Genworth Financial (GNW) click here. Genworth Financial (GNW) has Short Term PowerRatings of 5. Details on Genworth Financial (GNW) Short Term PowerRatings is available at This Link.

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