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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCNO 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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