Voya Financial Prices $600M Senior Notes Offering

TL;DR

Voya just priced $600M in 2034 senior notes, likely for growth or acquisitions.

AI Summary

On September 11, 2024, Voya Financial, Inc. announced the pricing of its offering of $600 million aggregate principal amount of 6.375% Senior Notes due 2034. The company intends to use the net proceeds from this offering for general corporate purposes, which may include funding potential future acquisitions or other strategic initiatives.

Why It Matters

This debt issuance provides Voya Financial with capital for potential growth opportunities and general corporate needs, impacting its financial structure and future strategic flexibility.

Risk Assessment

Risk Level: medium — Issuing debt increases financial leverage and interest expense, which can be a risk if the company's performance falters.

Key Numbers

• $600M — Senior Notes Offering (Amount raised to fund corporate purposes.)
• 6.375% — Interest Rate (Coupon rate on the Senior Notes.)
• 2034 — Maturity Date (Year the Senior Notes are due.)

Key Players & Entities

• Voya Financial, Inc. (company) — Registrant
• $600 million (dollar_amount) — Aggregate principal amount of Senior Notes
• 6.375% Senior Notes due 2034 (financial_instrument) — Debt offering
• September 11, 2024 (date) — Date of pricing

FAQ

Key Financial Figures

• $0.01 — n-Cumulative Preferred Stock, Series B, $0.01 par value Indicate by check mark whet
• $50 m — nt consideration on the closing date of $50 million, and (ii) contingent consideratio
• $160 million — (ii) contingent consideration of up to $160 million based on retained revenues of the Busin

Filing Documents

• voya-20240911.htm (8-K) — 25KB
• 0001535929-24-000088.txt ( ) — 185KB
• voya-20240911.xsd (EX-101.SCH) — 3KB
• voya-20240911_def.xml (EX-101.DEF) — 15KB
• voya-20240911_lab.xml (EX-101.LAB) — 27KB
• voya-20240911_pre.xml (EX-101.PRE) — 16KB
• voya-20240911_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events On September 11, 2024, Voya Financial, Inc., a Delaware corporation (the "Company"), entered into a Master Transaction Agreement (the "Master Transaction Agreement") with OneAmerica Financial Partners, Inc. (the "Seller") pursuant to which the Company has agreed to acquire the Seller's full-service retirement recordkeeping business (the "Business"), through (a) the acquisition by the Company of all of the equity interests of OneAmerica Retirement Services LLC and OneAmerica Investment Advisory Services, LLC, each of which is a wholly-owned subsidiary of the Seller, (b) the reinsurance by Voya Retirement Insurance and Annuity Company, a subsidiary of the Company ("VRIAC"), of the group annuity contracts within the Business that are issued by an affiliate of the Seller, American United Life Insurance Company ("AUL"), which group annuity contracts will be administered by VRIAC on behalf of AUL, and (c) the acquisition by the Company from the Seller and its affiliates of certain other assets included in the Business. As consideration for the transactions contemplated by the Master Transaction Agreement, the Company will pay to the Seller (i) upfront consideration on the closing date of $50 million, and (ii) contingent consideration of up to $160 million based on retained revenues of the Business measured twelve months following the closing and the performance of certain transition services. The transaction is expected to close on January 1, 2025, subject to customary closing conditions, including regulatory approvals.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Voya Financial, Inc. (Registrant) By: /s/ My Chi To Name: My Chi To Title: Executive Vice President, Chief Legal Officer and Corporate Secretary Dated: September 13, 2024

View Full Filing

View this 8-K filing on SEC EDGAR