Horace Mann draws $114 million under revolver for purchase

By Wendy Van Sickle

Columbus, Ohio, Jan. 3 – Horace Mann Educators Corp. drew $114 million on its senior revolving credit facility with PNC Bank, NA as administrative agent and a lead arranger along with JPMorgan Chase Bank, NA on Dec. 3, according to an 8-K filing with the Securities and Exchange Commission.

The drawdown on the $325 million revolver was made to fund a portion of the purchase price of Madison National.

Following the draw, Horace Mann’s leverage ratio is approximately 25%, which the company said aligns with levels appropriate for its current financial strength ratings.

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.