...NEW YORK (S&P Global Ratings) June 6, 2016--S&P Global Ratings said today that it has assigned its '###' issue-level rating to Voya Financial Inc.'s (NYSE: VOYA) proposed $800 million 10- and 30-year senior unsecured note issuances. These senior notes will rank equally with all of Voya's other existing and future unsubordinated debt. The company may, at its option, redeem in whole or in part the notes of either series at redemption prices stated in the prospectus. At the same time, Voya has announced a cash tender offer to repurchase about $730 million of its outstanding debt. In order to fund this transaction, which will include a premium paid to investors, the company is issuing these $800 million of senior notes. We expect the company's pro forma financial leverage (including debt, hybrids, and unfunded pension obligation) to be about 24%, which is about the same level as of March 31, 2016. (Excluding the unfunded pension obligation, pro forma financial leverage is about 22%.) The pro...
