CNO Financial Group Announces First Quarter 2013 Capital Actions and Sets Earnings Release Date

  CNO Financial Group Announces First Quarter 2013 Capital Actions and Sets
                            Earnings Release Date

7% Convertible Debenture Purchase of $125.9 million

Dividend Payment of $4.4 million

Principal Payments of $13.5 million under Senior Secured Credit Agreement

PR Newswire

CARMEL, Ind., March 28, 2013

CARMEL,Ind., March 28, 2013 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE:
CNO) today announced its capital actions during the first quarter of 2013. As
announced earlier today, CNO completed a tender offer pursuant to which it
purchased, for an aggregate purchase price of $125.9 million, $59.3 million
aggregate principal amount of its outstanding 7% Convertible Senior Debentures
due 2016 (the "Debentures"), representing approximately 63.8% of Debentures

CNO expects to record a one-time after tax charge of approximately $57 million
in the first quarter of 2013 as a result of this transaction. In addition,
shareholders' equity is expected to be further reduced by approximately $13
million related to the cost of extinguishing the beneficial conversion feature
related to a portion of the Debentures that were repurchased.

CNO did not repurchase any shares of its common stock during the quarter under
its securities repurchase program. As of December 31, 2012, CNO had
approximately 222 million shares outstanding. CNO anticipates repurchasing
securities in the range of $250 million to $300 million during 2013. After
taking into account the results of the tender offer, CNO currently anticipates
repurchasing an additional $125 million to $175 million of its securities in
2013. The company currently has repurchase capacity under its securities
buyback program of approximately $224 million.

CNO also made a principal prepayment today of $1.5 million in an amount equal
to 33% of common stock dividend payments, as required under the terms of its
Senior Secured Credit Agreement. The company made an additional payment of
$12.0 million to cover the remaining portion of the scheduled first quarter
principal payment due under the Senior Secured Credit Agreement. The next
scheduled principal payment under the facility of $12.5 million is due June
30, 2013.

CNO will report results for the first quarter of 2013 after the market closes
on Wednesday, April 24, 2013. The company will host a conference call to
discuss results at 11:00 a.m. Eastern Time on Thursday, April 25, 2013.

-The web cast of the conference call can be accessed through the Investors
section of the company's website as follows: Listeners
should go to the website at least 15 minutes before the event to register,
download and install any necessary audio software.

About CNO

CNO is a holding company. Our insurance subsidiaries – principally Bankers
Life and Casualty Company, Washington National Insurance Company and Colonial
Penn Life Insurance Company – serve working American families and seniors by
helping them protect against financial adversity and provide for a more secure
retirement. For more information, visit CNO online at

SOURCE CNO Financial Group, Inc.

Contact: News Media, Tony Zehnder +1.312.396.7086, or Investors, Erik Helding
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