Voya 2013 Annual Report Download - page 350

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
committed up to $250.0 in financing. ING Bank acted as Joint Lead Arranger, Joint Book Manager and
Documentation Agent for these transactions. For these services, ING Bank received various fees totaling $3.3.
On May 21, 2013, ING U.S., Inc. repaid all amounts outstanding under the Term Loan Agreement. This action,
together with the satisfaction of certain other requirements, caused the requirement to maintain liquidity of
$500.0 at all times to terminate.
Amended and Restated Credit Agreement
On February 14, 2014 the Company revised the terms of its Revolving Credit Agreement by entering into the
Amended and Restated Revolving Credit Agreement (the “Amended and Restated Credit Agreement”) with a
syndicate of banks. The Amended and Restated Credit Agreement modifies the original agreement by 1)
extending the term of the agreement to February 14, 2018; 2) reducing the total amount of LOCs that may be
issued from $3.5 billion to $3.0 billion and 3) reducing the current cost of LOC issuance fees from 200 bps to
175 bps. ING Bank, an affiliate, acted as Joint Lead Arranger, Joint Book Manager and Documentation Agent
and received $0.7 for its services and participation in the syndicate.
17. Commitments and Contingencies
Leases
The Company leases its office space and certain equipment under operating leases, the longest term of which
expires in 2025.
For the years ended December 31, 2013, 2012 and 2011, rent expense for leases was $40.5, $41.7 and $51.3,
respectively. The future net minimum payments under noncancelable leases for the years ended December 31,
2014 through 2018 are estimated to be $32.7, $32.2, $31.3, $27.6 and $17.4, respectively, and $74.6, thereafter,
totaling $215.8. The Company pays substantially all expenses associated with its leased and subleased office
properties.
Commitments
Through the normal course of investment operations, the Company commits to either purchase or sell securities,
mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The
inability of counterparties to honor these commitments may result in either a higher or lower replacement cost.
Also, there is likely to be a change in the value of the securities underlying the commitments.
As of December 31, 2013, the Company had off-balance sheet commitments to purchase investments equal to
their fair value of $1.2 billion, of which $321.3 relates to consolidated investment entities. As of December 31,
2012, the Company had off-balance sheet commitments to purchase investments equal to their fair value of
$890.1, of which $254.9 relates to consolidated investment entities.
Insurance Company Guaranty Fund Assessments
Insurance companies are assessed on the costs of funding the insolvencies of other insurance companies by the
various state guaranty associations, generally based on the amount of premiums companies collect in that state.
The Company accrues the cost of future guaranty fund assessments based on estimates of insurance company’s
insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the
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