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Conseco plans new stock offering

November 19, 2009

Keywords

Conseco, Health Care & Insurance, Insurance, Insurers

Conseco Inc. plans to sell about $230 million in stock and use half of the net proceeds to repay debt under its senior credit agreement, the Carmel-based insurer said Thursday in a filing with the Securities and Exchange Commission.

The remaining half will be used for general corporate purposes, it said.

Conseco had $854.6 million of debt outstanding under its senior credit agreement as of Sept. 30 and a total debt $1.27 billion, according to the filing.

Morgan Stanley & Co. Inc. is the underwriter for the offering.

Conseco shares closed Wednesday at $5.35 each, up 10 cents on the day.

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