- Re-pricing of the following:
- $225.0 million four-year term loan from LIBOR +3.25% with 1.00% LIBOR floor to LIBOR+2.25% with 0.75% LIBOR floor, for an overall decrease of 125 basis points
- $406.2 million six-year term loan from LIBOR + 3.75% with 1.25% LIBOR floor to LIBOR+2.75% with 1.00% LIBOR floor, for an overall decrease of 125 basis points
- Modification for mandatory prepayments resulting from any Restricted Payments (as defined in our credit facility), including share repurchases and shareholder dividends.
- 100% prepayment for every $1 of Restricted Payments if Debt to Total Capitalization is greater than 25.0% (previously 22.5%)
- 33.3% prepayment for every $1 of Restricted Payments if Debt to Total Capitalization is less than or equal to 25.0% and greater than 20.0% (previously less than or equal to 22.5% but greater than 17.5%)
- There will be no required prepayment if Debt to Total Capitalization is less than or equal to 20.0% (previously 17.5%)
CNO Financial Group Completes Amendment To Senior Secured Credit Facility
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