CIGNA Corp. has completed previously announced efforts to buy back $350 million in senior notes that were due in 2019.
Holders of notes with a total principal value of about $99 million agreed to sell notes through the tender offer, according to CIGNA, Philadelphia (NYSE:CI).
The notes have been paying an interest rate of 8.5%.
CIGNA agreed to pay the holders $1,307.54 per $1,000 of principal amount.
In other insurance finance news, CNO Financial Group Inc., Carmel, Ind. (NYSE:CNO), has announced plans to raise $300 million by offering senior secured notes due in 2017.
CNO will offer the notes to institutional buyers through a private placement.
- Allison Bell