CNO Financial Group, Inc. (NYSE:CNO) Files An 8-K Entry into a Material Definitive Agreement

On October 13, 2017, CNO Financial Group, Inc. (the “Company”) entered into an amendment and restatement agreement (the “Amendment Agreement”) with respect to its revolving credit agreement, dated as of May 19, 2015 (as amended by the Amendment Agreement, the “Amended Credit Agreement”), among the Company, KeyBank National Association, as administrative agent, and the lenders from time to time party thereto. The Amendment Agreement, among other things, increases the total commitments available under the revolving credit facility from $150.0 million to $250.0 million, increases the aggregate amount of additional incremental loans the Company may incur from $50.0 million to $100.0 million and extends the maturity date of the revolving credit facility from May 19, 2019 to the earlier of October 13, 2022 and the date that is six months prior to the maturity date of the Company’s 4.50% senior notes due 2020, which is November 30, 2019. The amount drawn under the Amended Credit Agreement continues to be $100.0 million.

The interest rate applicable to loans under the Amended Credit Agreement continues to be calculated as the eurodollar rate or the base rate, at the Company’s option, plus a margin based on the Company’s unsecured debt rating. The margins under the Amended Credit Agreement range from 1.375% to 2.125%, in the case of loans at the eurodollar rate, and 0.375% to 1.125%, in the case of loans at the base rate. The commitment fee under the Amended Credit Agreement continues to be based on the Company’s unsecured debt rating.

Additionally, the Amended Credit Agreement revises the debt to total capitalization ratio that the Company is required to maintain from not more than 30% to not more than 35%. The Amended Credit Agreement continues to contain certain other restrictive covenants with which the Company must comply.

The foregoing description of the Amendment Agreement and the Amended Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such documents, which are filed as Exhibit10.1 to this Current Report on Form 8-K and are incorporated herein by reference.

On October 16, 2017, the Company issued a press release announcing the aforementioned amendment to its revolving credit agreement. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

The following are filed as exhibits to this Current Report on Form 8-K:

CNO Financial Group, Inc. ExhibitEX-10.1 2 exhibit101-10132017credita.htm EXHIBIT 10.1 Exhibit Exhibit 10.1FIRST AMENDMENT AND RESTATEMENT AGREEMENTThis FIRST AMENDMENT AND RESTATEMENT AGREEMENT (this “Agreement”) is entered into as of October 13,…To view the full exhibit click here
About CNO Financial Group, Inc. (NYSE:CNO)
CNO Financial Group, Inc. is a holding company for a group of insurance companies operating across the United States that develop, market and administer health insurance, annuity, individual life insurance and other insurance products. It operates through three operating segments: Bankers Life, Washington National and Colonial Penn. The Bankers Life segment markets and distributes Medicare supplement insurance, interest-sensitive life insurance, traditional life insurance, fixed annuities and long-term care insurance products through a field force of career agents and sales managers supported by a network of sales offices. The Washington National segment markets and distributes supplemental health, including specified disease, accident and hospital indemnity insurance products, and life insurance. The Colonial Penn segment markets graded benefit and simplified issue life insurance through television advertising, direct mail, the Internet and telemarketing.