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CNO Financial Group Completes Amendment To Senior Secured Credit Facility

Stocks in this article: CNO

CARMEL, Ind., May 30, 2014 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today announced that it has successfully completed the previously announced amendment to its senior secured credit facility to waive the requirement that the net proceeds in excess of $125 million to be received from the sale of Conseco Life Insurance Company be used to prepay amounts outstanding under CNO's senior secured credit facility.  The facility consists of (i) a $250 million four-year term loan which currently has an outstanding principal balance of $175 million, and (ii) a $425 million six-year term loan which currently has an outstanding principal balance of approximately $394 million.  The sale of Conseco Life Insurance Company is expected to close mid-year 2014. 

About CNO Financial GroupCNO Financial Group, Inc. (NYSE: CNO) is a holding company.  Our insurance subsidiaries – principally Bankers Life and Casualty Company, Colonial Penn Life Insurance Company and Washington National Insurance Company – primarily serve middle-income pre-retiree and retired Americans by helping them protect against financial adversity and provide for a more secure retirement.  For more information, visit CNO online at www.CNOinc.com.

SOURCE CNO Financial Group, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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