CNO Finanical Says Getting $250M Credit Line, $400M Facility; Proposes Private Offering of $250M Notes

CNO Financial Group, Inc. CNO announced today a comprehensive plan designed to further enhance its capital structure and financial flexibility in addition to accelerating growth in EPS and ROE.  The recapitalization plan includes entering into a new senior secured credit agreement, consisting of a $250 million four-year term loan facility and a $400 million six-year term loan facility, as well as a proposed private offering of $250 million aggregate principal amount of new senior secured notes due 2020.  In addition, CNO plans to obtain a $50 million three-year, unfunded revolving credit facility to be available for contingent capital purposes.