CNO Financial to take $57M charge
CNO Financial to take $57M charge and buy back more shares as a result of tender offer
CARMEL, Ind. (AP) -- 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 company, based in Carmel, Ind., 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.
