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May 07, 2004 at 08:00 PM
NU Online News Service, May 7, 2004, 1:57 p.m. EDT – Conseco Inc., Carmel, Ind., says it hopes to raise more than $1.6 billion by selling common stock and convertible preferred stock.[@@]
The life and health insurer wants to bring in $803 million by selling 44 million shares of common stock at a price of $18.25 per share and another $600 million by selling 24 million shares of convertible preferred stock at a price of $25 per share.
The preferred stock will pay an annual interest rate of 5.5%.
If the offerings go well, Conseco could raise $210 million in additional capital by selling extra common and preferred stock to its underwriters. The managing underwriters are Goldman, Sachs & Company, New York, and Morgan Stanley Dean Witter & Company Inc., New York.
Conseco emerged from Chapter 11 bankruptcy reorganizing proceedings in September 2003. The company sold its consumer finance operations and now is focusing on selling insurance.
Conseco filed a shelf registration with the U.S. Securities and Exchange Commission Dec. 5, 2003. The shelf registration gives Conseco the authority to raise up to $3 billion by selling preferred stock and other types of securities.
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