Simpson Thacher recently represented CNO Financial Group, Inc. (“CNO”) in connection with a recapitalization that included a registered public offering of $825 million aggregate principal amount of senior notes, consisting of $325 million aggregate principal amount of 4.5% senior notes due 2020 and $500 million aggregate principal amount of 5.25% senior notes due 2025 and entry into a $150 million four-year revolving senior unsecured credit facility, with $100 million drawn at closing.
CNO used the net proceeds of the issuance of the notes and borrowings under the new revolving credit facility to repay all amounts outstanding under its existing senior secured credit agreement and to redeem, satisfy and discharge all $275 million aggregate principal amount outstanding of its 6.375% senior secured notes due 2020. CNO will use the remaining proceeds for general corporate purposes, including common stock repurchases.
CNO is a NYSE-listed holding company (NYSE: CNO) for a group of insurance companies operating throughout the United States that develop, market and administer health insurance, annuity, individual life insurance and other insurance products.
The Simpson Thacher team included Roxane Reardon, Jonathan Ozner, Nelli Zaltsman and Grady Chang (Capital Markets); William Sheehan, Christian Fischer and Ben Baucom (Credit); Jonathan Cantor and Jodi Sackel (Tax); Linda Nyberg (Intellectual Property); Jeanne Annarumma (Executive Compensation and Employee Benefits); and Jonathan Pall (Collateral).