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CNO Financial Group, Inc. Announces Results Through Consent Date Of Cash Tender Offer And Consent Solicitation For Its 9.00% Senior Secured Notes Due 2018

Stocks in this article: CNO

CARMEL, Ind., Sept. 18, 2012 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) ("CNO") announced today that, pursuant to its previously announced offer to purchase and solicitation of consents for its 9.00% Senior Secured Notes due 2018 (the "Notes"), it received tenders and consents from the holders of approximately $273.8 million, or 99.6%, of the total outstanding principal amount of the Notes by the expiration of the consent payment deadline at 5:00 p.m., New York City time, on September 17, 2012 (the "Consent Date").  The consents received exceed the amount needed to approve the proposed amendments to the indenture under which the Notes were issued (the "Indenture").

CNO's tender offer and consent solicitation are subject to the terms and conditions set forth in CNO's Offer to Purchase and Consent Solicitation Statement (the "Offer to Purchase") and the related letter of transmittal.  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").  Holders of Notes who validly tender their Notes after the Consent Date, but on or before the Expiration Date, will receive $1,143.65 per $1,000.00 in principal amount of Notes validly tendered but will not be entitled to receive any consent payment.  In addition, accrued and unpaid interest to, but not including, the applicable date of payment for the Notes accepted for purchase will be paid.

Prior to the Expiration Date, CNO expects to select an initial payment date (the "Initial Payment Date"), which it currently anticipates will be on or about September 28, 2012.  CNO expects, on the Initial Payment Date, to call for redemption any Notes that have not been validly tendered on or before 5:00 p.m., New York City time, on the day immediately preceding the Initial Payment Date in accordance with the redemption provisions of the Indenture and to satisfy and discharge its obligations under such Notes and the Indenture in accordance with the satisfaction and discharge provisions of the Indenture.  Upon completion of the satisfaction and discharge of the Notes that have not been validly tendered on or before 5:00 p.m., New York City time, on the day immediately preceding the Initial Payment Date, all of the collateral securing such Notes under the Indenture and the related security documents will be released and any remaining restrictive covenants and certain additional events of default contained in the Indenture will cease to have effect.

The terms and conditions of the tender offer and consent solicitation are included in the Offer to Purchase and the related letter of transmittal. CNO does not make any recommendation as to whether holders of the Notes should tender their Notes pursuant to the tender offer or deliver consents pursuant to the consent solicitation.

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