The Firm recently represented CNO Financial Group, Inc. (“CNO”) in connection with a recapitalization that included a private offering of $275 million aggregate principal amount of 6.375% senior secured notes due 2020 and entry into a new senior secured credit agreement consisting of a $250 million four-year term loan facility, a $425 million six-year loan facility and a $50 million three-year revolving credit facility. CNO used the net proceeds of the issuance of the new senior secured notes and borrowings under the new term loan facilities to repay all $224 million outstanding under its existing senior secured credit agreement, repurchase and fund the redemption of $275 million aggregate principal amount of 9.0% senior secured notes due 2018, and repurchase approximately $200 million aggregate principal amount of 7.0% convertible senior debentures due 2016 from entities affiliated with Paulson & Co. Inc.
CNO is a NYSE-listed holding company 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 Gary Horowitz (Corporate); Roxane Reardon, Edgar Lewandowski, Joia Lee, Louis Pastor and Jona Lundborg (Capital Markets); Bill Sheehan, Christian Fischer, Ismael Duran and John Freese (Credit); Jonathan Pall (Collateral); Jonathan Cantor and Chang Won Choi (Tax); Mindy Lok (Intellectual Property); and Alvin Brown and Jeanne Annarumma (Executive Compensation and Employee Benefits).
