cno financial group inc (COS) Snapshot

CNO Financial Group, Inc. announced that Mike Heard has been named as senior vice president of operations, reporting to Bruce Baude, executive vice president, chief operations and technology officer, effective June 17, 2013. Heard was previously senior vice president, business strategy & product support for Genworth Financial. Heard will assume most of the responsibilities of Chris McKee, who will be taking the role of senior vice president, infrastructure services, and will be accountable for IT infrastructure and enterprise print and mail production, also reporting to Baude.

CNO Financial Group, Inc. announced amendment to its senior secured credit facility. The changes to the senior secured credit facility include: Re-pricing of the following: 225.0 million four-year term loan from LIBOR +3.25% with 1.00% LIBOR floor to LIBOR+2.25% with 0.75% LIBOR floor, for an overall decrease of 125 basis points. $406.2 million six-year term loan from LIBOR + 3.75% with 1.25% LIBOR floor to LIBOR+2.75% with 1.00% LIBOR floor, for an overall decrease of 125 basis points; Modification for mandatory prepayments resulting from any Restricted Payments, including share repurchases and shareholder dividends. 100% prepayment for every $1 of Restricted Payments if Debt to Total Capitalization is greater than 25.0% (previously 22.5%); 33.3% prepayment for every $1 of Restricted Payments if Debt to total Capitalization is less than or equal to 25.0% and greater than 20.0% (previously less than or equal to 22.5% but greater than 17.5%); There will be no required prepayment if Debt to Total Capitalization is less than or equal to 20.0% (previously 17.5%).

CNO Financial Group, Inc. announced that the board of directors has approved an increase in the quarterly dividend to $0.03 per share on the company's common shares. The dividend will be payable June 24, 2013, to shareholders of record at the close of business on June 10, 2013. This quarterly rate represents an annualized dividend of $0.12 per share, which equates to a yield of approximately 1% based on the company's stock price at the close of trading on the New York Stock Exchange on May 7, 2013. Future cash dividends will be subject to Board approval.