CARMEL, Ind. and LOS ANGELES, April 18,
2016 /PRNewswire/ -- CNO Financial Group, Inc. (NYSE:
CNO) today announced that it has invested in a non-controlling
minority interest in Tennenbaum Capital Partners, LLC (TCP), a
Los Angeles-based investment
management firm with over $6 billion
in committed capital under management. TCP will continue to
operate on a stand-alone basis under its present executive
leadership. Financial terms of this transaction were not
disclosed.
In addition, CNO has agreed to make general account investments
over a period of time of approximately $250
million across TCP's managed funds and strategies, to assist
in, and benefit from, TCP's investment management skill and the
overall platform's continued growth in assets under management.
The commitments include investments in TCP's direct lending
and special situation strategies and a $30
million commitment to its publicly traded business
development company, TCP Capital Corp. (NASDAQ: TCPC).
"TCP is a compelling investment opportunity for CNO on multiple
levels," said Ed Bonach, CEO of CNO.
"They have a long and successful track record in credit-related
strategies, which are highly suitable for our long duration lines
of business. This relationship provides an opportunity to enhance
our investment returns, benefit from access to leading-edge
proprietary knowledge, and further diversify our general account
investments. CNO's ownership stake in TCP provides significant
upside from expected growth at TCP and current non-life earnings to
help utilize our tax loss carryforwards."
"CNO is a terrific institutional partner for TCP. CNO
provides us with investment commitments across our strategies,
enhancing our ability to provide capital solutions to borrowers and
portfolio companies, supplementing the capital provided by our
longstanding institutional investors, as well as growth capital for
new initiatives," said Howard
Levkowitz, Co-Founder and Managing Partner of TCP. "We are
enthusiastic about the opportunity to partner with them and
appreciate their confidence in our ability to deliver strong
returns as we continue to grow."
Sandler O'Neill + Partners, L.P. served as financial advisor and
Simpson Thacher & Bartlett LLP acted as legal counsel to CNO in
this transaction. Credit Suisse served as financial advisor
and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal
counsel to TCP.
About CNO Financial Group
CNO Financial Group, Inc.
(NYSE: CNO) is a holding company. Our insurance subsidiaries
– principally Bankers Life and Casualty Company, Colonial Penn Life
Insurance Company and Washington National Insurance Company –
primarily serve middle-income pre-retiree and retired Americans by
helping them protect against financial adversity and provide for a
more secure retirement. For more information, visit CNO
online at www.CNOinc.com.
About Tennenbaum Capital Partners, LLC
Tennenbaum
Capital Partners, LLC ("TCP") is an alternative investment
management firm focused on direct lending and special situations
for middle-market companies. TCP manages funds and accounts on
behalf of global institutional investors. It also manages a
publicly-traded business development company, TCP Capital Corp
(NASDAQ: TCPC). Since its founding, TCP has invested more than
$16 billion in over 425 companies.
TCP is headquartered in Los
Angeles with additional offices in New York and San
Francisco. For more information, please visit:
www.tennenbaumcapital.com and www.tcpcapital.com.
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SOURCE CNO Financial Group, Inc.