CARMEL, Ind., May 30, 2014 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today announced that it has successfully completed the previously announced amendment to its senior secured credit facility to waive the requirement that the net proceeds in excess of $125 million to be received from the sale of Conseco Life Insurance Company be used to prepay amounts outstanding under CNO's senior secured credit facility. The facility consists of (i) a $250 million four-year term loan which currently has an outstanding principal balance of $175 million, and (ii) a $425 million six-year term loan which currently has an outstanding principal balance of approximately $394 million. The sale of Conseco Life Insurance Company is expected to close mid-year 2014.
About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) is a holding company. Our insurance subsidiaries – principally Bankers Life and Casualty Company, Colonial Penn Life Insurance Company and Washington National Insurance Company – primarily serve middle-income pre-retiree and retired Americans by helping them protect against financial adversity and provide for a more secure retirement. For more information, visit CNO online at www.CNOinc.com.
SOURCE CNO Financial Group, Inc.