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Conseco To Redeem Some Preferred Stock

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NU Online News Service, May 12, 2004, 2:07 p.m. EDT – Conseco Inc., Carmel, Ind., is refinancing some of its financial obligations.[@@]

The company will pay $25.72916 per share June 11 to redeem one class of preferred stock with cash raised from its recently completed $1.6 billion sale of common stock and a second class of preferred stock.

The redemption affects holders of Conseco’s class A senior cumulative convertible exchangeable preferred stock.

Conseco reports that it already has deposited the cash it will use for the June 11 redemption with a unit of Wachovia Corp., Charlotte, N.C.