CNO Financial Group Inc. has persuaded the providers of its senior secured credit facility to reduce the current interest rate to 6.25%, from 7.5%.
The lenders also have eased other credit facility terms, according to CNO, Conseco, Ind. (NYSE:CNO).
There will be no required prepayment of debt-to-total-capitalization falls to 12.5% or lower, and the company now has more flexibility in connection with holding company investments, CNO says.
The lenders have increased a cap on non-investment grade investments to 12%.
CNO continues to owe $325 million in principal payments, and no changes were made in the amortization schedule, the company says.
- Allison Bell