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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based CNO Financial Group Inc., the insurer formerly known as Conseco Inc., plans to sell $300 million of seven-year senior-secured notes, according to a company statement distributed Wednesday by PR Newswire.
The debt may be sold as soon as next week, according to a person familiar with the transaction. The bonds may be non-callable for three years, said the person, who declined to be identified because terms aren’t set.
Proceeds may be used, together with borrowings under a new $325 million senior secured credit facility and available cash, to retire CNO Financial’s existing senior credit facility, the company said in the statement.
CNO is rated Caa1 by Moody’s Investors Service and B- by Standard & Poor’s, according to data compiled by Bloomberg. Morgan Stanley and Barclays Capital are managing the sale, the person said.
In late November, CNO said it was trying to refinance $652 million in senior secured debt.
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