Horace Mann Educators
, an insurance holding company, announced the sale of $125 million of 6.58% senior notes due 2016.
The Springfield, Ill.-based company said it would use about $74.0 million of the net proceeds from the offering to reduce the amount currently outstanding under its bank credit agreement.
The company expects to use any remaining net proceeds for general corporate purposes and to reduce other corporate indebtedness.
The offering is expected to close on April 21.
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