By Aleesia Forni
New York, Nov. 18 – Horace Mann Educators Corp. sold $250 million of 4.5% 10-year senior notes (Baa3/BBB/BBB) at Treasuries plus 225 basis points on Wednesday, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.735 to yield 4.533%.
Guidance was set in the mid-200 bps area over Treasuries.
Bookrunners are J.P. Morgan Securities LLC and Keefe, Bruyette & Woods.
The Springfield, Ill., insurance company said the proceeds will be used redeem or repay outstanding debt, including its 6.85% senior notes due April 15, 2016 and borrowings under a bank credit facility, as well as for general corporate purposes.
| Issuer: | Horace Mann Educators Corp.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | Dec. 1, 2025
|
| Bookrunners: | J.P. Morgan Securities LLC, Keefe, Bruyette & Woods Co.
|
| Joint lead manager: | PNC Capital Markets LLC
|
| Co-managers: | Janney Montgomery Scott LLC, Macquarie Capital (USA) Inc.
|
| Coupon: | 4.5%
|
| Price: | 99.735
|
| Yield: | 4.533%
|
| Spread: | Treasuries plus 225 bps
|
| Make-whole call: | Treasuries plus 35 bps prior to Sept. 1, 2025, then callable at par
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 23
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus mid-200 bps area
|
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