Corebridge reports DNP note maturity redemption for subsidiaries (NYSE: DNP)
Rhea-AI Filing Summary
Corebridge Financial, Inc. reported disposition transactions in this Form 4 filing.
Corebridge Financial, Inc., as reporting person for DNP Select Income Fund Inc., reports that its subsidiaries’ holdings of 3.00% Series B Senior Secured Notes were fully redeemed at maturity by the issuer for 100% of the aggregate principal amount plus accrued and unpaid interest. American General Life Insurance Company held $15,000,000.00 principal amount and The Variable Annuity Life Insurance Company held $18,000,000.00 principal amount of these notes. Corebridge’s subsidiaries also continue to indirectly hold 660 Series E Mandatory Redeemable Preferred Shares, allocated among three insurance subsidiaries.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 33,000,000 shares
Net Sell
2 txns
Insider
Corebridge Financial, Inc.
Role
Insider
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | 3.00% Series B Senior Secured Notes due July 22, 2026 F1, F2 | 33,000,000 | $33,495,000.15 | $1105335.00B |
| holding | Series E Mandatory Redeemable Preferred Shares F3 | -- | -- | -- |
Holdings After Transaction:
3.00% Series B Senior Secured Notes due July 22, 2026 — 0 shares (Indirect, Held through subsidiaries);
Series E Mandatory Redeemable Preferred Shares — 660 shares (Indirect, Held through subsidiaries)
Footnotes (3)
- F1. The 3.00% Series B Senior Secured Notes were redeemed by the issuer for full payment at maturity of 100% of the aggregate principal amount outstanding of the securities, plus accrued and unpaid interest through the redemption date.
- F2. American General Life Insurance Company ("AGLIC") and The Variable Annuity Life Insurance Company ("VALIC"), each an indirect wholly owned subsidiary of Corebridge Financial, Inc. ("CRBG"), directly held $15,000,000.00 principal amount and $18,000,000.00 principal amount of the reported securities, respectively.
- F3. AGLIC, VALIC and The United States Life Insurance Company in the City of New York, an indirect wholly owned subsidiary of CRBG, directly hold 640, 10 and 10 shares of the reported securities, respectively.
Key Figures
Series B Notes amount: 33,000,000.0000
Coupon rate: 3.00%
AGLIC Series B Notes holding: $15,000,000.00
+5 more
8 metrics
Series B Notes amount
33,000,000.0000
Reported amount of 3.00% Series B Senior Secured Notes
Coupon rate
3.00%
Interest rate on Series B Senior Secured Notes due July 22, 2026
AGLIC Series B Notes holding
$15,000,000.00
Principal amount of Series B Notes held by American General Life Insurance Company
VALIC Series B Notes holding
$18,000,000.00
Principal amount of Series B Notes held by The Variable Annuity Life Insurance Company
Series E Preferred Shares held
660
Series E Mandatory Redeemable Preferred Shares held indirectly through subsidiaries
AGLIC Series E Preferred Shares
640
Series E Mandatory Redeemable Preferred Shares held by American General Life Insurance Company
VALIC Series E Preferred Shares
10
Series E Mandatory Redeemable Preferred Shares held by The Variable Annuity Life Insurance Company
US Life Series E Preferred Shares
10
Series E Mandatory Redeemable Preferred Shares held by The United States Life Insurance Company in the City of New York
Key Terms
Senior Secured Notes, Mandatory Redeemable Preferred Shares, aggregate principal amount, accrued and unpaid interest
4 terms
Senior Secured Notes financial
"The 3.00% Series B Senior Secured Notes were redeemed by the issuer"
Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.
aggregate principal amount financial
"100% of the aggregate principal amount outstanding of the securities"
The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.
accrued and unpaid interest financial
"plus accrued and unpaid interest through the redemption date"
Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transaction did Corebridge report for DNP (ticker DNP)?
Corebridge reported that its subsidiaries’ holdings of DNP’s 3.00% Series B Senior Secured Notes were fully redeemed at maturity for principal plus accrued and unpaid interest. It also disclosed ongoing indirect ownership of 660 Series E Mandatory Redeemable Preferred Shares in DNP.
How much of DNP’s 3.00% Series B Notes did Corebridge subsidiaries hold?
Subsidiaries of Corebridge held a combined $33,000,000.00 of DNP’s 3.00% Series B Senior Secured Notes, consisting of $15,000,000.00 at American General Life Insurance Company and $18,000,000.00 at The Variable Annuity Life Insurance Company before redemption at maturity.
Were the DNP 3.00% Series B Notes sold on the market by Corebridge?
No. The filing states the 3.00% Series B Senior Secured Notes were redeemed by the issuer at maturity for 100% of the aggregate principal amount plus accrued and unpaid interest, rather than sold in an open-market transaction by Corebridge or its subsidiaries.
How are the DNP securities held in relation to Corebridge (DNP)?
The DNP securities are held indirectly through Corebridge’s insurance subsidiaries. AGLIC and VALIC directly held the 3.00% Series B Notes that were redeemed, and AGLIC, VALIC and The United States Life Insurance Company directly hold the Series E Mandatory Redeemable Preferred Shares, all as indirect wholly owned subsidiaries of Corebridge.