Conseco raises nearly $223 million in stock offering

Conseco Inc. pulled in nearly $223 million, after discounts and expenses, from a public stock offering, the company announced Tuesday afternoon.

The Carmel-based life and health insurer already applied $161.4 million of its net proceeds to its bank loans. Conseco had $854.6 million of debt outstanding under its senior credit agreement as of Sept. 30.

Conseco will use the remaining funds—$61.3 million—for general corporate purposes.

The company sold 49.5 million shares in the offering, at a price of $4.75 apiece.