Horace Mann says greenshoe exercised, raising convertibles proceeds to $163.7 million

New York, June 5 - Horace Mann Educators Corp. said underwriters of its recent offering of 3.00% senior convertible notes due May 14, 2032 exercised the $37.7 million principal amount overallotment option.

The total size of the deal is now $353.5 million principal amount, resulting in net proceeds to the Springfield, Ill. insurance company of $163.7 million.

Horace Mann originally sold the convertibles after the market closed on May 9 with a cash coupon of 3% for the first five years and a 30% initial conversion premium. Merrill Lynch & Co. was the bookrunner.

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