Brief: Horace Mann To Buy Madison National Life From IHC In $172.5 Mln Transaction

Horace Mann Educators

14/07/2021 14:45

July 14 (Reuters) - Horace Mann Educators Corp  HMN.N :
    * HORACE MANN TO ACQUIRE MADISON NATIONAL LIFE FROM IHC IN
$172.5
MILLION TRANSACTION
    * HORACE MANN EDUCATORS CORP - EXPECTING 2022 EPS ACCRETION
FROM
TRANSACTION TO BE IN MID-SINGLE DIGITS WITH ABOUT 50 BASIS POINT
CONTRIBUTION TO ROE
    * HORACE MANN EDUCATORS CORP - IHC WILL HAVE POTENTIAL
EARNOUT OF
UP TO $12.5 MILLION PAYABLE IN CASH, IF SPECIFIED FINANCIAL
TARGETS ACHIEVED BY 2023 END
    * HORACE MANN EDUCATORS CORP - TRANSACTION WILL BE FUNDED
WITH
CASH ON HAND AND ADDITIONAL BORROWINGS ON CO'S REVOLVING CREDIT
FACILITY
    * HORACE MANN EDUCATORS CORP -  CO'S REVOLVING CREDIT
FACILITY IS
BEING EXTENDED TO 2026 AND EXPANDED BY $100 MILLION TO $325
MILLION

Source text for Eikon:  ID:nBw3NwwVxa 
Further company coverage:  HMN.N 

 ((Reuters.Briefs@thomsonreuters.com;))