AM Best Assigns Issue Credit Rating to Horace Mann Educators Corporation’s New Senior Unsecured Notes

AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the recently issued $300 million, 4.7% senior unsecured notes, due October 2030, of Horace Mann Educators Corporation (Horace Mann) (headquartered in Springfield, IL). The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Horace Mann and its subsidiaries are unchanged.

Horace Mann intends to use the net proceeds from the issuance of the notes for general corporate purposes, including repayment of an existing $250 million, 4.5% senior unsecured notes due December 2025. Upon issuance of the senior unsecured notes, unadjusted debt to total capital will increase slightly. Once the maturing note is paid off using proceeds from the issuance, leverage will moderate to pre-issuance levels and remain within AM Best guidelines for current ratings.

Horace Mann continues to benefit from a well-diversified operating portfolio generating profitable operating results, as well as a strong market position through the company’s name brand recognition contributing to cross marketing opportunities.

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