Press Release - JUNE 07, 2019
AM Best Assigns Issue Credit Rating to CNO Financial Group, Inc.’s Forthcoming Senior Unsecured Notes
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 07, 2019
The proceeds of the issuance will be used to redeem CNO Financial’s outstanding $325 million 4.5% senior unsecured notes due in 2020, repay amounts outstanding under the revolving credit facility including fees and expenses related to this offering. AM Best anticipates that CNO Financial’s adjusted financial leverage ratio will increase to approximately 25.7% as a net result of the recapitalization plan. Despite the modest increase in leverage, AM Best notes that the company’s financial leverage and interest coverage ratios remain well within AM Best’s guidelines for CNO Financial’s current ratings.
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