Voya 2013 Annual Report Download - page 164

The following table summarizes our borrowing activities for the year ended December 31, 2012:
($ in millions)
Beginning
Balance Issuance
Maturities and
Repayment
Other
Changes
Ending
Balance
Short-Term Debt:
Commercial paper ............................ $ 554.6 $18,700.9 $(19,063.5) $ — $ 192.0
Current portion of long-term debt ............... 500.0 300.0 (150.0) 222.6 872.6
Total short-term debt ......................... $1,054.6 $19,000.9 $(19,213.5) $ 222.6 $1,064.6
Long-Term Debt:
Debt securities .............................. $ 649.8 $ 849.5 $ — $ 1.1 $1,500.4
Borrowings from ING V ....................... 500.0 — — — 500.0
Windsor property loan ........................ 4.9 — — — 4.9
Bank Revolver Loan .......................... — 500.0 (500.0) — —
Syndicated Bank Term Loans ................... — 1,500.0 (150.0) — 1,350.0
Surplus notes ................................ 688.4 — — — 688.4
Subtotal .................................... $1,843.1 $ 2,849.5 $ (650.0) $ 1.1 $4,043.7
Less: Current portion of long-term debt ........... 500.0 300.0 (150.0) 222.6 872.6
Total long-term debt .......................... $1,343.1 $ 2,549.5 $ (500.0) $(221.5) $3,171.1
Commercial Paper
ING U.S., Inc. had a commercial paper program with an authorized capacity of $3.0 billion. Our
commercial paper borrowings were generally used to fund the working capital needs of our subsidiaries and
provide short-term liquidity to us. We reduced the balance of commercial paper outstanding under the
commercial paper program to zero prior to the completion of the IPO. Outstanding commercial paper borrowings
were $192.0 million at December 31, 2012. The issuances under this program benefited from a full and
irrevocable guarantee provided by ING V. We paid ING V 10 basis points (“bps”) on the outstanding balance of
the commercial paper program as a fee for this guarantee. On October 3, 2013, we terminated the commercial
paper program along with the guarantee provided by ING V.
Debt Securities
Senior Notes. On July 13, 2012, ING U.S., Inc. issued $850.0 million of unsecured 5.5% Senior Notes due
2022 (the “2022 Notes”), a private placement with registration rights. The 2022 Notes are guaranteed by Lion
Holdings. Interest is paid semi-annually, in arrears, on each January 15 and July 15, commencing on January 15,
2013. ING Financial Markets, LLC, an affiliate, served as Joint Book Running Manager for the 2022 Notes and
was paid $0.3 million for its services. We used the proceeds of the 2022 Notes to repay $500.0 million of the
direct borrowings under the Revolving Credit Agreement. The remaining proceeds of the 2022 Notes were used
for general corporate purposes, including the retirement of a portion of our outstanding commercial paper. As a
result of the issuance of the 2022 Notes, the revolving credit borrowings sublimit of the Revolving Credit
Agreement of the Senior Unsecured Credit Facility was reduced by 50% of the issuance to $1.075 billion
consistent with the terms of that agreement.
On February 11, 2013, ING U.S., Inc. issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 (the
“2018 Notes”), a private placement with registration rights. The 2018 Notes are guaranteed by Lion Holdings.
Interest is paid semi-annually, in arrears, on each February 15 and August 15, commencing on August 15, 2013.
ING Financial Markets, LLC, an affiliate, served as Joint Book Running Manager for the 2018 Notes and was
paid $0.3 million for its services. We used the proceeds of the 2018 Notes to repay $850.0 million of the
borrowings under the Term Loan portion of our Senior Unsecured Credit Facility. We used the remaining
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