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.