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Conseco Lenders Trade $1.3 Billion In Debt

By Staff Writer

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NU Online News Service, April 15, 11:45 a.m. – Conseco Inc., Carmel, Ind., says it has persuaded institutional investors to trade $1.3 billion in senior notes for more secure notes with later payment deadlines.

Conseco originally offered the note exchange to holders of $2.5 billion in senior note debt.

The trade was least popular with holders of $250 million in 6.40% senior notes, originally due 2003, and most popular with holders of 10.75% senior notes, originally due 2008.

But Conseco may still generate more exchanges, because it has extended the expiration of the exchange offer to April 17, from April 12.