Voya 2014 Annual Report Download - page 182

The following table summarizes our borrowing activities for the year ended December 31, 2013:
($ in millions)
Beginning
Balance Issuance
Maturities and
Repayment
Other
Changes
Ending
Balance
Short-Term Debt:
Commercial paper ............................. $ 192.0 $ 474.9 $ (666.9) $— $ —
Current portion of long-term debt ................. 872.6 — (873.0) 0.4 —
Total short-term debt ........................... 1,064.6 474.9 (1,539.9) 0.4 —
Long-Term Debt:
Debt securities ................................ 1,500.4 2,146.8 (138.7) 1.3 3,509.8
Borrowings from NN Group ..................... 500.0 — (500.0) — —
Windsor property loan .......................... 4.9 — — — 4.9
Syndicated Bank Term Loans .................... 1,350.0 — (1,350.0) — —
Surplus notes ................................. 688.4 — (688.4) — —
Subtotal ..................................... 4,043.7 2,146.8 (2,677.1) 1.3 3,514.7
Less: Current portion of long-term debt ............ 872.6 — (873.0) 0.4 —
Total long-term debt ........................... $3,171.1 $2,146.8 $(1,804.1) $ 0.9 $3,514.7
Debt Securities
Senior Notes
On July 13, 2012, Voya Financial, Inc. issued $850.0 million of unsecured 5.5% Senior Notes due 2022 (the
“2022 Notes”) in a private placement with registration rights. The 2022 Notes are guaranteed by Voya Holdings
Inc. (“Voya Holdings”), formerly Lion Connecticut Holdings Inc., a wholly owned subsidiary of Voya Financial,
Inc. 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 a $3.5 billion Revolving Credit Agreement (“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 50.0% of
the issuance to $1.075 billion consistent with the terms of that agreement.
On February 11, 2013, Voya Financial, Inc. issued $1.0 billion of unsecured 2.9% Senior Notes due 2018
(the “2018 Notes”) in a private placement with registration rights. The 2018 Notes are guaranteed by Voya
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
proceeds of the 2018 Notes for general corporate purposes. As a result of the issuance of the 2018 Notes, the
revolving credit borrowings sublimit of the Revolving Credit Agreement of the Senior Unsecured Credit Facility
was further reduced by 50.0% of the issuance to the minimum of $750.0 million.
On July 26, 2013, Voya Financial, Inc. issued $400.0 million of unsecured 5.7% Senior Notes due 2043 (the
“2043 Notes”) in a private placement with registration rights. The 2043 Notes are guaranteed by Voya Holdings.
Interest is paid semi-annually on each January 15 and July 15, commencing on January 15, 2014. ING Financial
Markets, LLC, an affiliate, served as Senior Co-Manager for the 2043 Notes and was paid an immaterial amount
for its services. We used the proceeds of the 2043 Notes for general corporate purposes, including the repayment
of certain borrowings.
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