Voya 2014 Annual Report Download - page 181

Share Repurchase Program
During the year ended December 31, 2014, we repurchased 19,447,847 shares of our common stock from
ING Group for an aggregate purchase price of $725.0 million in a series of transactions. The repurchases were
each made pursuant to a Direct Share Repurchase Program with ING Group. The per share purchase price we
paid in each case was equal to the per share purchase price paid by the underwriters in registered public offerings
of our common stock by ING Group which were completed concurrently with each of the repurchase
transactions.
Each of the repurchases was authorized by a special committee of our Board of Directors consisting solely
of independent and disinterested directors (the “Independent Committees”), which were committees formed for
the sole purpose of considering the applicable repurchase transaction. The Independent Committees retained
independent financial and legal advisors for purposes of their deliberations.
We also repurchased 1,125,558 shares of our common shares in open market transactions for an aggregate
purchase price of $39.4 million, and 655,457 shares of our common shares under an accelerated share repurchase
arrangement for an aggregate purchase price of $25.0 million. During the year ended December 31, 2013, we did
not repurchase any shares of our common shares.
On February 5, 2015, our Board of Directors increased the authorization under the Direct Share Repurchase
Program by an additional $750.0 million, with such authorization to expire (unless subsequently extended) no
later than December 31, 2015. The authorization for the Direct Share Repurchase Program may be terminated,
increased or decreased by Voya Financial, Inc.’s Board of Directors at any time.
See the Shareholders’ Equity and Earnings per Common Share Note in our Consolidated Financial
Statements in Part II, Item 8. of this Annual Report on Form 10-K for additional information regarding shares
repurchase transactions with ING Group.
Description of Certain Indebtedness
We borrow funds to provide liquidity, invest in the growth of the business and for general corporate
purposes. Our ability to access these borrowings depends on a variety of factors including, but not limited to, the
credit rating of Voya Financial, Inc. and of its insurance company subsidiaries and general macroeconomic
conditions.
We did not have any short-term debt borrowings outstanding as of December 31, 2014. The following table
summarizes our borrowing activities for the year ended December 31, 2014:
($ in millions)
Beginning
Balance Issuance
Maturities and
Repayment
Other
Changes
Ending
Balance
Long-Term Debt:
Debt securities ................................. $3,509.8 $— $— $ 1.0 $3,510.8
Windsor property loan ........................... 4.9 — — — 4.9
Subtotal ...................................... 3,514.7 — — 1.0 3,515.7
Less: Current portion of long-term debt ............. — — — — —
Total long-term debt ............................ $3,514.7 $— $— $ 1.0 $3,515.7
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