Conseco To Offer $230M In Stock To Pay Down Debt

Law360, New York (November 19, 2009, 1:08 PM EST) -- Conseco Inc. said on Thursday that it will offer up common stock worth roughly $230 million as the insurance company looks to pay down its debt in the wake of financial losses.

Half the funds generated from the offering, which totals about 43.4 million shares based on Tuesday's stock price, will help pay down debt under Conseco's senior credit agreement, with the remainder going toward general corporate purposes, according to a prospectus filed with the U.S. Securities and Exchange Commission.

Based in Carmel, Ind., Conseco had...
To view the full article, register now.