A.M. Best Assigns Rating to Horace Mann Educators Corporation’s Senior Unsecured Notes

OLDWICK, N.J.--()--A.M. Best has assigned an issue rating of “bbb” to the $250 million 4.50% senior unsecured notes due 2025 of Horace Mann Educators Corporation (Horace Mann) (headquartered in Springfield, IL) [NYSE: HMN]. The outlook assigned to the rating is stable. All remaining ratings of Horace Mann and its subsidiaries are unchanged. (Please see related A.M. Best press release dated February 5, 2015.)

The proceeds from the issuance will be used to redeem or repay certain of the company’s outstanding indebtedness, including their 6.85% senior notes due April 15, 2016 and borrowings under their bank credit facility. Any remaining proceeds will be used for general corporate purposes. Horace Mann’s adjusted debt-to-capital and adjusted debt-to-tangible capital are approximately 18.8% and 19.5%, respectively, and are within A.M. Best’s guidelines for its current ratings level. In addition, Horace Mann’s interest coverage ratio is expected to remain solid for its ratings.

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best Company
Jonathan Harris, CFA, FRM
Senior Financial Analyst
908-439-2200, ext. 5771
jonathan.harris@ambest.com
or
Henry K. Witmer, CPCU, ARM-E
Assistant Vice President
908-439-2200, ext. 5097
henry.witmer@ambest.com
or
Christopher Sharkey
Manager, Public Relations
908-439-2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Assistant Vice President, Public Relations
908-439-2200, ext. 5644
james.peavy@ambest.com

Contacts

A.M. Best Company
Jonathan Harris, CFA, FRM
Senior Financial Analyst
908-439-2200, ext. 5771
jonathan.harris@ambest.com
or
Henry K. Witmer, CPCU, ARM-E
Assistant Vice President
908-439-2200, ext. 5097
henry.witmer@ambest.com
or
Christopher Sharkey
Manager, Public Relations
908-439-2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Assistant Vice President, Public Relations
908-439-2200, ext. 5644
james.peavy@ambest.com