Horace Mann expands, extends revolver for Madison acquisition

Chicago, July 14 – Horace Mann Educators Corp. increased its revolving commitments and extended the life of the facility to allow ample liquidity for its acquisition of Madison National Life from IHC for $172.5 million, according to a press release.

The company will use cash on hand for the acquisition, inclusive of borrowings from its revolver that has had a $100 million increase, now sized at $325 million.

The maturity date has been extended to 2026.

At closing, Horace Mann’s leverage ratio is expected to be slightly below 25%, in line with levels appropriate for the company’s current financial strength ratings.

Raymond James & Associates is acting as financial adviser to Horace Mann, and Eversheds Sutherland (US) LLP is acting as legal counsel to Horace Mann.

Horace Mann is a Springfield, Ill.-based marketer and underwriter of property and casualty insurance, retirement annuities and life insurance. Madison National Life is an insurance company based out of Madison, Wis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.