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Fitch: Horace Mann notes BBB
Fitch Ratings said it assigned a rating of BBB to Horace Mann Educators Corp.’s $250 million 4.5% senior notes due Dec. 1 2025.
The proceeds from this issuance will be used to redeem or repay certain outstanding indebtedness, including $125 million 6.85% senior notes due April 15, 2016 and borrowing under the bank credit facility, which totaled $113 million as of Sept. 30, Fitch said.
The agency also said it affirmed the company’s issuer default rating at BBB+.
The issuance resolves concerns regarding uncertainty tied to near-term debt maturities, the agency said.
The ratings as limited by the company’s small size and scale relative to larger, national peers, Fitch said.
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