Oldwick, New Jersey, May 14, 2024–(Business Wire)–AM best has assigned a long-term issuance credit rating of 'bbb' (good) to CNO Financial Group, Inc. (CNO) (Carmel, Indiana)'s $700 million, 6.45% senior unsecured notes due June 15, 2034 . [NYSE: CNO]. This bond is callable at any time before March 15, 2034. The outlook assigned to this credit rating (rating) is Stable. All other ratings of CNO and its subsidiaries remain unchanged.
Proceeds from this debt offering are expected to be used for general corporate purposes, including the redemption, repurchase or prepayment of CNO's $500 million, 5.25% senior notes due 2025 and related May include payment of fees and costs. That debt cancellation and current recruitment. AM Best has analyzed the amount of debt leverage and expects leverage to rise temporarily as a result of the new issuance, before returning to target levels when the $500 million bond matures in 2025. CNO interest rates apply before interest and taxes as of the end of 2023. It is also within AM Best's rated tolerance range. The company had cash and cash equivalents of $566 million as of March 31, 2024, and its most recent disclosure reported that it had a profit of $112.3 million in the quarter. There is.
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