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4-Traders Homepage  >  Equities  >  Nyse  >  Voya Financial Inc    VOYA

Delayed Quote. Delayed  - 05/26 10:01:32 pm
32.89 USD   -0.63%
05/04 VOYA FINANCIAL : misses Street 1Q forecasts
04/29VOYA FINANCIAL : quaterly earnings release
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VOYA FINANCIAL, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

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05/07/2016 | 12:02am CEST

Item 1.01 Entry into a Material Definitive Agreement


On May 6, 2016, Voya Financial, Inc. ("the Company") amended and restated the
terms of the Amended and Restated Revolving Credit Agreement (the "Amended
Credit Agreement"), dated as of February 14, 2014 (and filed as Exhibit 10.1 to
the Company's Current Report on Form 8-K (File No. 001-35897) filed on
February 21, 2014), by entering into a Second Amended and Restated Revolving
Credit Agreement (the "Second Amended and Restated Credit Agreement") with a
syndicate of banks, a large majority of which participated in the Amended Credit
Agreement.

The Second Amended and Restated Credit Agreement modifies several of the terms
of the Amended Credit Agreement including extending the term of the agreement to
May 6, 2021 and reducing the total borrowing capacity to $2.25 billion.

Availability


Under the terms of the Second Amended and Restated Credit Agreement, an
aggregate amount of up to $2.25 billion is available for issuances of letters of
credit, with up to a $750 million sublimit of that $2.25 billion available for
direct borrowings.

Repayment

The Second Amended and Restated Credit Agreement matures on May 6, 2021, and any
direct borrowing amount still outstanding will be due in full immediately on
that date and any letter of credit obligation still outstanding as of that date
must be cash collateralized until no such obligations are outstanding. The
Second Amended and Restated Credit Agreement may be pre-paid at any time in
whole or in part without premium or penalty, subject to breakage fees in the
event of a prepayment of a Eurodollar Rate Loan other than at the end of the
applicable interest period. In most circumstances, amounts repaid or prepaid
(whether voluntary or otherwise) may be re-borrowed, subject to certain
conditions precedent to borrowing. The unutilized portion of any commitment
under the Second Amended and Restated Credit Agreement may be reduced or
terminated by us at any time without penalty.

Interest Rates and Fees


Each Eurodollar Rate Loan under the Second Amended and Restated Credit Agreement
bears interest on the outstanding principal amount owing at a rate equal to
LIBOR (which cannot be less than zero) plus the applicable rate described below.
A Base Rate Loan under the Second Amended and Restated Credit Agreement bears
interest at a rate per annum equal to the highest of (a) the Federal Funds Rate
plus 0.50%, (b) the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its 'prime rate' and (c) the
Eurodollar Rate plus 1.00% plus, in each case, the applicable rate described
below. The Company pays a fee based on the face value of letters of credit using
the applicable rates below.

In addition, the Company pays a commitment fee calculated by multiplying the
applicable rate listed in the table below by the unused capacity available under
the Second Amended and Restated Credit Agreement.

The applicable rate means a percentage per annum to be determined in accordance with the following Debt Rating based pricing grid.



Debt Ratings                                                                           Eurodollar
S&P/Moody's                       Commitment Fee           Letters of Credit             Rate +             Base Rate +
³ A- / A3                                   0.150 %                     1.125 %              1.250 %               0.250 %
BBB+ / Baa1                                 0.175 %                     1.250 %              1.375 %               0.375 %
BBB / Baa2                                  0.225 %                     1.500 %              1.625 %               0.625 %
BBB- / Baa3                                 0.300 %                     1.750 %              1.875 %               0.875 %
< BBB- / Baa3                               0.400 %                     2.125 %              2.250 %               1.250 %


Guarantee

Voya Holdings Inc., the Company's wholly-owned subsidiary, has provided a guarantee to the Lenders in connection with the obligations owed under the Second Amended and Restated Credit Agreement.

--------------------------------------------------------------------------------

Covenants


The Second Amended and Restated Credit Agreement contains negative covenants
customarily included in a loan agreement of this type, including restrictions on
(i) the granting of liens, (ii) the incurrence of indebtedness and (iii) the
sale of assets. In addition, the Second Amended and Restated Credit Agreement
also contains certain financial covenants, including a requirement to maintain a
minimum "net worth" (as defined the Second Amended and Restated Credit
Agreement) of $9.6 billion, with adjustments for future equity issuances.

The Second Amended and Restated Credit Agreement requires us to deliver our
financial statements to the Administrative Agent for distribution to each lender
(if they are not posted on EDGAR), and to observe (and cause certain of our
subsidiaries to observe) certain affirmative covenants subject to materiality
and other customary and agreed exceptions. These affirmative covenants include
(i) payment of obligations, (ii) preservation of corporate existence and
maintenance of assets (including intellectual property rights and relevant
licenses), (iii) maintenance of properties, (iv) maintenance of insurance,
(v) maintenance of books and records, (vi) inspection rights and (vii) use of
proceeds.

Events of Default

The Second Amended and Restated Credit Agreement sets out certain customary
events of default (subject to applicable grace periods) including for, but not
limited to, non-payment, breach of certain covenants, breach of representations
or warranties, cross default of certain other Indebtedness and the occurrence of
an ERISA Event. A Change of Control (as defined in the Second Amended and
Restated Credit Agreement) will constitute an event of default.

Incorporation by Reference


A copy of the Second Amended and Restated Credit Agreement is filed herewith as
Exhibit 10.1 to this Current Report on Form 8-K and is hereby incorporated into
this Section 1.01.


Item 9.01 Financial Statements and Exhibits



  (d) Exhibits



10.1 Second Amended and Restated Revolving Credit Agreement dated as of May 6, 2016

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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