CNO Financial (CNO) to Repurchase $300M in Common Stock and Warrants
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CNO Financial Group, Inc. (NYSE: CNO) today announced that its Board of Directors has approved an additional $300 million to repurchase the company's outstanding common stock, warrants and convertible debentures.
Through December 12, CNO has repurchased 7,554,416 shares of its common stock in the fourth quarter of 2012 at an average price of $9.32 per share. With the additional authorization, total repurchase capacity under the buyback program is now approximately $360 million. The repurchase program is intended to be implemented through purchases made from time to time in the open market, through private transactions or by a tender offer, in accordance with Securities and Exchange Commission requirements. The amount and timing of the securities repurchases (if any) will be based on business and market conditions and other factors.
In addition, the company is providing 2013 guidance on the following key capital metrics:
Securities repurchases of $250 - $300 million
Dividends to holding company of $250 - $300 million
The company will provide additional information on these items as well as other information later today at its 2012 Investor Day conference.
Through December 12, CNO has repurchased 7,554,416 shares of its common stock in the fourth quarter of 2012 at an average price of $9.32 per share. With the additional authorization, total repurchase capacity under the buyback program is now approximately $360 million. The repurchase program is intended to be implemented through purchases made from time to time in the open market, through private transactions or by a tender offer, in accordance with Securities and Exchange Commission requirements. The amount and timing of the securities repurchases (if any) will be based on business and market conditions and other factors.
In addition, the company is providing 2013 guidance on the following key capital metrics:
Securities repurchases of $250 - $300 million
Dividends to holding company of $250 - $300 million
The company will provide additional information on these items as well as other information later today at its 2012 Investor Day conference.
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