CNO Financial (CNO) has announced they will be selling a new issue of baby bonds (subordinated debentures).
The company, which is the parent of many different insurance companies, will sell the $25/bond issue with a maturity date in 2060 and an optional redemption period which starts in late 2025.
The issue will have the ability to defer interest payments for 5 years once or more.
The permanent ticker will be CNO-A when the issue begins to trade in a week or so.
The preliminary prospectus can be read here.
Eugene was right on this one.
2 thoughts on “Insurance Holding Company CNO Financial to Sell Baby Bonds”
Senior unsecured are BBB- so I am thinking BB+ for sub note.
For whatever it may be worth their 4 subsidiaries all get a A- rating from their 4 rating agencies. At the end of the day its still a relatively small company but might be worth a look.