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CNO Financial to take $57M charge in first quarter

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CNO Financial Group Inc. says it expects to buy back more of its shares and take a special charge tied to a recent tender offer.

The insurance holding company said it had completed a $125.9 million purchase of senior notes on Thursday. It said that it expects to record a $57 million charge in its first quarter tied to the tender offer.

The Carmel-based company also said the cost of extinguishing a conversion feature related to some of the notes will further reduce shareholders' equity by roughly $13 million.

CNO said that it anticipates repurchasing $250 million to $300 million shares during 2013. After taking into account the results of the tender offer Thursday, CNO plans to repurchase an additional $125 million to $175 million of its securities during the year.

CNO had approximately 222 million shares outstanding as of the end of 2012.

Its shares fell 3 cents to close at $11.45 on Thursday.

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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