December 2, 2010 (FinancialWire) (http://www.financialwire.net/) — CNO Financial Group, Inc. (NYSE: CNO) said that it has adopted a plan to refinance its existing senior secured term loan and replace it with indebtedness that has longer-dated maturities and provides the company with increased financial flexibility.

According to CNO, the plan, which has been unanimously approved by the company's board, would strengthen its capital structure by extending nearer term maturities so that CNO has no material maturities until 2016.

CNO said it has launched discussions with a group of lenders about refinancing its existing senior secured credit facility, which matures in October 2013 and has a current principal balance of $652.1 million.

The company plans to replace the existing credit facility with a new senior secured credit facility of approximately $325.0 million maturing in September 2016.  

CNO said it anticipates that the remaining balance of its existing credit facility would be refinanced with an issuance of senior secured notes and cash on hand.

Indiana-based CNO is a holding company whose insurance subsidiaries include Bankers Life and Casualty Co., Colonial Penn Life Insurance Co. and Washington National Insurance Co.

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