AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the $700 million, 6.45% senior unsecured notes, due June 15, 2034, of CNO Financial Group, Inc. (CNO) (Carmel, IN) [NYSE: CNO]. The notes are callable at any time prior to March 15, 2034. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of CNO and its subsidiaries are unchanged.

The proceeds from this debt issuance are expected to be used for general corporate purposes, which may include the redemption, repurchase or repayment at or prior to maturity of CNO’s $500 million, 5.25% senior notes due 2025 and to pay any fees and expenses associated with its debt retirement and the current offering. AM Best has analyzed the amount of debt leverage and the impact of the new issuance is expected to increase leverage temporarily before returning to target levels upon the maturity of the $500 million notes in 2025. CNO’s interest coverage before interest and taxes at year-end 2023 also are within range of AM Best’s tolerances for the rating. The company has $566 million of cash and cash equivalents as of March 31, 2024, and in its most recent disclosure, reported a gain on the quarter of $112.3 million.

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