Voya 2014 Annual Report Download - page 364

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Long-term Debt
The following table summarizes the carrying value of the Company’s long-term debt securities issued and
outstanding as of December 31, 2014 and 2013:
Maturity 2014 2013
7.25% Voya Holdings Inc. debentures, due 2023(1) ........ 08/15/2023 $ 159.0 $ 158.6
7.63% Voya Holdings Inc. debentures, due 2026(1) ........ 08/15/2026 232.3 232.1
8.42% Equitable of Iowa Companies Capital Trust II Notes,
due 2027 ....................................... 04/01/2027 13.8 13.8
6.97% Voya Holdings Inc. debentures, due 2036(1) ........ 08/15/2036 108.6 108.6
1.00% Windsor Property Loan ....................... 06/14/2027 4.9 4.9
5.5% Senior Notes, due 2022 ......................... 07/15/2022 849.6 849.6
2.9% Senior Notes, due 2018 ......................... 02/15/2018 998.9 998.5
5.65% Fixed-to-Floating Rate Junior Subordinated Notes,
due 2053 ....................................... 05/15/2053 750.0 750.0
5.7% Senior Notes, due 2043 ......................... 07/15/2043 398.6 398.6
Subtotal ......................................... 3,515.7 3,514.7
Less: Current portion of long-term debt ................ — —
Total ............................................ $3,515.7 $3,514.7
(1) Guaranteed by ING Group.
As of December 31, 2014 and 2013, the Company was in compliance with its debt covenants.
Unsecured senior debt, which consists of senior fixed rate notes and guarantees of fixed rate notes, ranks highest
in priority, followed by subordinated debt, which consists of junior subordinated debt securities.
As of December 31, 2014, aggregate amounts of future principal payments of long-term debt for the next five
years and thereafter are as follows:
2015 ............................................. $ —
2016 ............................................. —
2017 ............................................. —
2018 ............................................. 1,000.0
2019 ............................................. —
Thereafter ........................................ 2,524.0
Total ............................................ $3,524.0
Senior Notes
On July 13, 2012, Voya Financial, Inc. issued $850.0 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.
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 for its services. The Company used the proceeds of the 2022 Notes to repay $500.0 of the direct borrowings
under a $3.5 billion Revolving Credit Agreement (“Revolving Credit Agreement”). The remaining proceeds were
used for general corporate purposes, including the retirement of a portion of the Company’s outstanding
commercial paper.
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