New Issue: Horace Mann sells $300 million 7.25% senior notes due 2028 at 99.839

By Wendy Van Sickle

Columbus, Ohio, Sept. 12 – Horace Mann Educators Corp. sold $300 million of 7.25% 10-year senior notes (Baa2/BBB/BBB) at Treasuries plus 287.5 basis points on Tuesday, according to an FWP filed with the Securities and Exchange Commission.

Pricing was at 99.839 to yield 7.289%.

Bookrunners are J.P. Morgan Securities LLC and PNC Capital Markets LLC.

Proceeds will be used to repay borrowings under a revolving credit agreement with $249 million outstanding as of June 30. Any remaining proceeds will be used for general corporate purposes.

Horace Mann is a Springfield, Ill.-based insurance holding company focused on educators.

Issuer:	Horace Mann Educators Corp.
Amount:	$300 million
Issue:	Senior notes
Maturity:	Sept. 15, 2028
Bookrunners:	J.P. Morgan Securities LLC and PNC Capital Markets LLC
Co-managers:	KeyBanc Capital Markets Inc., Citizens JMP Securities, LLC, Piper Sandler & Co. and U.S. Bancorp Investments, Inc.
Trustee:	Bank of New York Mellon Trust Co., NA
Counsel to issuer:	Gibson, Dunn & Crutcher LLP
Counsel to underwriters:	Davis Polk & Wardwell LLP
Coupon:	7.25%
Price:	99.839
Yield:	7.289%
Spread:	Treasuries plus 287.5 bps
Make-whole call:	Treasuries plus 35 bps prior to Aug. 15, 2028, then callable at par
Trade date:	Sept. 12
Settlement date:	Sept. 15
Ratings:	Moody’s: Baa2
	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered
Cusip:	440327AL8

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