This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

CNO Financial Group, Inc. Announces Cash Tender Offer And Consent Solicitation For Its 9.00% Senior Secured Notes Due 2018 (CUSIP Nos. 12621E AD5 (Rule 144A) And U1746E AA1 (Regulation S))

CARMEL, Ind., Sept. 4, 2012 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) ("CNO") announced today that it commenced a cash tender offer (the "Tender Offer") to purchase any and all of its 9.00% Senior Secured Notes due 2018 (the "Notes"), currently outstanding in the aggregate principal amount of $275.0 million.

In connection with the Tender Offer, CNO is soliciting the consents (the "Consents") of holders of the Notes to certain proposed amendments to the indenture governing the Notes (the "Consent Solicitation").  The purpose of such Consent Solicitation and amendments is to eliminate substantially all of the restrictive covenants contained in the indenture and certain events of default and related provisions.

The Tender Offer will expire at 12:00 midnight, New York City time, at the end of Monday, October 1, 2012, unless extended or earlier terminated by CNO in its sole discretion (such time and date, as the same may be extended, the "Expiration Date").

Under the terms of the Tender Offer, holders of Notes who validly tender and do not validly withdraw their Notes and consents on or before 5:00 p.m., New York City time, on September 17, 2012 (such time and date, as the same may be extended or earlier terminated by CNO in its sole discretion, the "Consent Date"), will receive the "Total Consideration," which is equal to $1,173.65 per $1,000 in principal amount of Notes validly tendered. The Total Consideration is equal to the redemption price (exclusive of accrued and unpaid interest) that would be payable if CNO had exercised its option under the indenture governing the Notes to redeem the Notes at a price equal to $1,000 plus the Applicable Premium (as defined in the indenture), based on an assumed redemption date that is the same as an assumed initial payment date (the "Initial Payment Date") of September 28, 2012.  The actual Initial Payment Date will be selected by CNO following the occurrence of both the Consent Date and the satisfaction or waiver of the conditions to consummation of the Tender Offer and the Consent Solicitation. The Total Consideration will not change if the actual Initial Payment Date is a date other than September 28, 2012.  In addition, accrued and unpaid interest to, but not including, the applicable date of payment for the Notes accepted for purchase will be paid.

The Total Consideration includes a payment of $30 per $1,000 in principal amount of notes tendered by the Consent Date (the "Consent Payment").  Holders of Notes who validly tender and do not validly withdraw their Notes after the Consent Date, but on or before the Expiration Date, will receive the Total Consideration less the Consent Payment.

Holders of Notes will not be able to revoke their consents after the Consent Date.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs