Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Financial Planning > College Planning > Student Loan Debt

CNO Board Approves Share Buyback

Your article was successfully shared with the contacts you provided.

The board of CNO Financial Group Inc. has approved a program that could buy back up to $100 million in CNO common shares over the next 2 years.

Shares of CNO, Carmel, Ind. (NYSE:CNO), have been selling for about $5 to $8.50 per share over the past 52 weeks.

CNO could buy shares either in the open market or through private transactions, the company says.

“The amount and timing of the share repurchases (if any) will be based on business Securitiesand market conditions and other factors,” CNO says.

CNO ended March with about 251 million shares of stock outstanding. At current prices, the CNO buyback program could be big enough to lead to the repurchase of about 5% of the company’s stock.

The provisions of a CNO senior credit facility call for CNO to pay the facility lenders an amount equal to “the cost of any shares purchased under the share repurchase program if the company’s debt to total capitalization ratio is greater than 17.5%,” CNO Chief Executive James Prieur says in a statement.

CNO ended March with a debt-to-total-capitalization ratio of 19.2%.

- Allison Bell

Other CNO coverage from National Underwriter Life & Health:


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.