Insurance and financial services company Voya Financial (NYSE:VOYA) has announced a new issue of perpetual non-cumulative preferred stock.
This issue will be marginally investment grade (a split rating) with a BBB- from S&P, a Ba2 from Moodys and BB+ from Fitch.
The company will sell 12 million shares and there will be no over allotment shares available.
The issue has priced at an initial coupon of 5.35%–the issue is a Fixed-Rate-Reset Non-Cumulative Preferred.
The coupon will reset starting 9/15/2029 at a rate of the 5 year treasury rate plus a spread of 3.21%.
9/15/2029 is also the date upon which the issue is first callable.
This issue will trade under the permanent ticker of VOYA-B when it begins to trade on the NYSE. Starting immediately the issue will trade on the OTC Grey market with the temporary ticker of VOYXL.