CNO Financial holders convert $25.7 million 7% notes before deadline

By Susanna Moon

Chicago, July 31 - CNO Financial Group, Inc. said holders opted to convert $25.7 million principal amount of its 7% convertible senior debentures due 2016 before the conversion rights ended Wednesday.

As a result, the holders will receive about 4.7 million common shares for the notes converted, according to a company press release.

The conversion rate is equal to 184.3127 shares per $1,000 principal amount of notes converted.

After settlement, there will be $3.5 million of the notes outstanding.

The company issued the conversion right termination notice to noteholders on July 1.

Holders could exercise their conversion right until the close of business on July 30.

Carmel, Ind.-based CNO is a holding company for insurance subsidiaries including Bankers Life and Casualty Co., Washington National Insurance Co. and Colonial Penn Life Insurance Co.

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