Turning to slide five, with the momentum we have in our strong operating performance credit profile and ratings progress combining with favorable market conditions, we have the opportunity to further improve our capital structure and lower our cost of capital. As detailed in the press release we issued last night, the transaction is expected to be accretive to both EPS and ROE, with our diluted share counts decreasing 12% as of June 30, 2012. In addition to significant improvements in EPS and ROE, the transaction will further improve financial flexibility, push out near-term debt maturities and rebalance our fixed and floating rate structure.Lastly, it is important to note that as a result of a privately negotiated agreement with Paulson & Co. to repurchase their convertible debentures, at a discount to estimated market value, the transaction will significantly reduce the convertible overhang, which naturally leads to uncertainty over conversion timing or debt maturity in concentrated ownership.
CNO Financial Group's CEO Discusses Comprehensive Recapitalization Overview Conference Call (Transcript)
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