CNO Financial Group Inc. is trying to persuade the providers of a senior secured credit facility to reduce the interest rate.
CNO, Carmel, Ind. (NYSE:CNO), says it is doing well and expects to report more than $49 million in net income for the first quarter, up from $34 million for the first quarter of 2010, when it releases its latest results May 2.
CNO now has a $325 million balance on secured credit facility with an interest rate equal to the London Interbank Offered Rate plus 6 percentage points. The current rate is 7.5%, the company says.
CNO, formerly known as Conseco Inc., is the parent of Bankers Life and Casualty Company, Colonial Penn Life Insurance Company and Washington National Insurance Company.
- Allison Bell