Horace Mann to repay $113 million bank facility via note offering

By Tali Rackner

Norfolk, Va., Nov. 18 – Horace Mann Educators Corp. plans to repay borrowings under its bank credit facility with the proceeds from a new senior note offering, according to a 424B5 filing with the Securities and Exchange Commission.

As of Sept. 30, there was $113 million of borrowings outstanding under the facility, which were used to repay the $75 million payable under its 6.05% senior notes that matured on June 15, 2015.

Proceeds from the new offering will also be used to repay its $125 million of 6.85% senior notes due April 15, 2016.

Horace Mann is a Springfield, Ill.-based marketer and underwriter of property and casualty insurance, retirement annuities and life insurance.

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