Conseco/CNO Financial and Insurers and Insurance and Health Care & Insurance

Conseco offering new shares at $4.73 apiece

December 14, 2009

Conseco Inc. commenced its public offering of new shares for as much as $4.73 apiece, the Carmel-based insurer announced Monday.

The company will sell at least 45 million shares and has given its underwriters a 30-day option to buy 4.5 million more.

Conseco could raise as much as $234 million through the sale, before paying registration and other fees.

The Company intends to use at least $150 million of the proceeds, plus 50 percent of every dollar it raises in excess of $200 million, to pay down its main bank loans.

Morgan Stanley & Co. Inc. is acting as bookrunning manager, with Credit Suisse Securities LLC, FBR Capital Markets & Co. and Macquarie Capital Inc. as co-managers.

Conseco shares closed Monday at $4.94 apiece.

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