By Rebecca Melvin and Cristal Cody
Concord, N.H., Oct. 1 – CNO Global Funding has priced $500 million of 1.75% five-year funding agreement-backed notes to yield Treasuries plus 77 basis points, according to a market source.
Pricing for the notes (expected rating: /A-/) occurred on Thursday and was tight compared to initial talk for a yield in the area of Treasuries plus 95 bps.
Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and RBC Capital Markets LLC are the bookrunners for the Rule 144A and Regulation S offering, which represents the inaugural sale under CNO Global’s $3 billion program.
CNO Global Funding is a special purpose entity of CNO Financial Group, Inc., a Carmel, Ind.-based insurance company.
| Issuer: | CNO Global Funding
|
| Issue: | Funding agreement-backed notes
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| Amount: | $500 million
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| Maturity: | Oct. 7, 2026
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| Bookrunners: | Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and RBC Capital Markets LLC
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| Coupon: | 1.75%
|
| Spread: | Treasuries pus 77 bps
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| Pricing date: | Sept. 30
|
| Rating: | S&P: A-
|
| Distribution: | Rule 144A and Regulation S
|
| Talk: | Treasuries plus 95 bps area
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