CNO Financial Group Announces Strategic Investment in Tennenbaum Capital Partners
04.19.16
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Simpson Thacher represented CNO Financial Group, Inc. (“CNO”) in connection with CNO’s investment in a non-controlling minority membership interest in Tennenbaum Capital Partners, LLC (“TCP”), a Los Angeles-based investment management firm with over $6 billion in committed capital under management. In addition, the Firm also represented CNO in connection with CNO’s agreement to make general account investments over a period of time of approximately $250 million across TCP’s managed funds and strategies. The commitments include investments in TCP’s direct lending and special situation strategies and a $30 million commitment to its publicly traded business development company, TCP Capital Corp. (NASDAQ: TCPC).
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 STB Team working on the transaction included Gary I. Horowitz, Judy Huang and Elliott Im (M&A); John J. Creed and George Davis (Tax); Rajib Chanda (Regulatory); John N. Bennett (Funds); and Jamin R. Koslowe (ERISA).