CNO Financial Group Inc. has priced an offering of $500 million of its 5.250% senior unsecured notes due May 30, 2029.
The figure reflects an increase of $75 million from the previously announced principal amount offered. The offering is expected to close June 12, with interest to be paid May 30 and Nov. 30 of each year, starting Nov. 30.
CNO Financial intends to use the net proceeds to repay its existing revolving credit facility, redeem its outstanding 4.500% senior notes due 2020, and pay fees and expenses related to the senior notes due 2020. The remaining proceeds will be used for general corporate purposes.
Goldman Sachs & Co. LLC, Barclays, KeyBanc Capital Markets and RBC Capital Markets serve as joint book-running managers for the offering.