IBJNews

Conseco offering new shares at $4.73 apiece

Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
ADVERTISEMENT