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Horace Mann Educators Corporation of Springfield, Ill., which specializes in a variety of insurance products for educators and their families, has closed the sale of $150,005,000 aggregate principal amount of 3 percent senior convertible notes due May 14, 2032.

The notes will be convertible at the option of the holders into shares of Horace Mann Educators Corporation common stock at a conversion price of $26.74. The net proceeds from the note offering have been used in part for repayment of bank debt.

In other actions, the company’s board of directors re-elected Joseph J. Melone as chairman of the board.

Melone has been a director of the company since Feb. of 2001. He is currently a director of Bisys Inc. and Foster-Wheeler Corporation.

The board also announced a quarterly dividend of 10.5 cents per share payable on June 17, 2002, to shareholders of record as of May 31.