USAA Capital Corporation Announces Successful Completion of Consent Solicitation

SAN ANTONIO, March 3, 2023 /PRNewswire/ -- USAA Capital Corporation (the "Issuer") today announced the successful completion of the previously announced consent solicitation relating to its outstanding 2.125% Fixed Rate Medium-Term Notes, Series C due 2030 (the "Notes"). As of 5:00 p.m., New York City time, on March 2, 2023 (the "Expiration Date"), the Issuer had received consents from holders of a majority in principal amount of the outstanding Notes for the adoption of the proposed amendment to the Notes (the "Amendment"). The Issuer expects that the Amendment will become effective on March 6, 2023. The consent solicitation was made pursuant to the consent solicitation statement dated February 22, 2023, as amended.

The Issuer will make a cash payment of $2.50 per $1,000 principal amount of Notes to each holder of Notes who validly delivered (and did not validly revoke) a consent prior to the Expiration Date today. Any questions regarding these payments should be directed to the Information Agent and Tabulation Agent for the consent solicitation, Global Bondholder Services Corporation, at (855) 654-2014 (toll free) or (212) 430-3774 (banks and brokers) (collect). BofA Securities acted as Solicitation Agent in connection with the consent solicitation. Questions regarding the consent solicitation may be directed to BofA Securities, Attention: Liability Management at (888) 292-0070 (toll free) or (980) 387-3907 (collect).

This press release is for informational purposes only and does not constitute a solicitation of consents of holders of the Notes and shall not be deemed a solicitation of consents with respect to any other securities of the Companies.

The Issuer is a Delaware corporation organized in December 1985 and is a direct wholly-owned subsidiary of United Services Automobile Association ("USAA") and a holding company for the principal non-insurance operations of USAA. Through its direct and indirect wholly-owned subsidiaries, the Issuer is engaged in various business activities including consumer banking and other financial services activities.

Some of the information presented in this press release, including, without limitation, statements with respect to the consent solicitation and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by their use of forward-looking terminology such as "believes," "estimates," "expects," "anticipates," "may," "will," or other comparable terminology. Such forward-looking statements are subject to risks and uncertainties that may cause our actual results, achievements or performance to differ materially from those projected or implied. To the extent permitted by applicable law, the Issuer assumes no obligation to update any forward-looking statements as a result of new information or future events.

SOURCE USAA Capital Corporation