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CNO Renegotiates Credit Facility Terms

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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

Other CNO coverage from National Underwriter Life & Health:


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