CNO Financial to take $57M charge in first quarter

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.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets in {{ count_down }} days.