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The Richmond, Va.-based company said June 15 it repaid in full $331 million of outstanding 4.75% notes that were due on that day. In May, it repaid $330 million of 5.231% senior notes that were due at that time, Genworth said.
Genworth (NYSE: GNW | Quote | Chart | News | PowerRating) said it has no long-term debt maturities until 2011.
In April, the insurer fell short of meeting a U.S. Treasury Department deadline for winning approval to become a savings and loan holding company and therefore wouldn't receive an infusion of federal funds through the department's Capital Purchase Program, part of the $700 billion Troubled Asset Relief program (BestWire, April 10, 2009).
The insurer had applied to the federal Office of Thrift Supervision to convert to a savings and loan holding company in order to qualify for the program. However, the OTS did not complete its review before a Treasury deadline and the department notified the company that it would not extend the deadline. As a result, Genworth dropped its intended purchase of Maple Grove, Minn.-based InterBank fsb, an acquisition planned to make it eligible for CPP funds (BestWire, April 10, 2009).
The company said it ended the most recent quarter with $7.1 billion of cash and cash equivalents including $768 million at the holding company. Genworth also plans to dividend another $200 million this year from non-U.S. subsidiaries to the holding company. It expects to end 2009 with about $150 million in cash at the holding company, "in line with historic levels."
On the morning of June 17, Genworth's stock was trading at $5.64 a share, down 10.33% from the previous close.
Genworth Life & Annuity Insurance Co. currently has a Best's Financial Strength Rating of A (Excellent).
(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)
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