CNO Financial Prices Subordinated Notes

Insurer CNO Financial (CNO) has finally priced the previously announced new issue of baby bonds.

The issue will carry a coupon of 5.125%. The issue is rated below investment grade by Standard and Poor’s at BB and Moody’s at Ba1. Fitch rates it at BB as well.

There will be no OTC trading so if you need to have it prior to exchange trading you will need to contact your brokers bond desk and use the CUSIP to potentially purchase.

The pricing term sheet can be read here.

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