Issuer:
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Horace Mann Educators Corporation
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Title of Securities:
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7.250% Senior Notes due 2028
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Security Types:
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Senior Unsecured Notes
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Legal Format:
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SEC Registered
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Expected Ratings:*
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Moody’s: Baa2 (negative) / S&P: BBB (stable) / Fitch: BBB (stable)
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Principal Amount:
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$300,000,000
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Trade Date:
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September 12, 2023
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Settlement Date:
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September 15, 2023 (T+3)**
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Interest Payment Dates:
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Semi-annually in arrears on each March 15 and September 15, commencing March 15, 2024
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Maturity Date:
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September 15, 2028
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Public Offering Price:
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99.839% of the principal amount, plus accrued and unpaid interest, if any, from September 15, 2023
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Coupon:
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7.250%
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Benchmark Treasury:
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4.375% due August 31, 2028
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Benchmark Treasury Price / Yield:
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99-26+ / 4.414%
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Re-offer Spread to Benchmark Treasury:
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+ 287.5 bps
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Yield-to-Maturity:
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7.289%
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Net Proceeds to Issuer (before expenses):
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$297,717,000
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Optional Redemption |
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Make Whole Call:
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Prior to August 15, 2028 (the date that is one month prior to the maturity date), T + 45 bps
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Par Call:
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On or after August 15, 2028 (the date that is one month prior to the maturity date)
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CUSIP / ISIN:
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440327AL8 / US440327AL82
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Denominations / Multiple:
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Minimum of $2,000 and integral multiples of $1,000 in excess thereof
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Joint Book-Running Managers:
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J.P. Morgan Securities LLC
PNC Capital Markets LLC
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Co-Managers:
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KeyBanc Capital Markets Inc.
Citizens JMP Securities, LLC
Piper Sandler & Co.
U.S. Bancorp Investments, Inc.
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