Conseco Seeks Lower Interest Rates

Conseco Inc. says it hopes to replace some of its secured debt with cheaper, more flexible unsecured debt.[@@]

Conseco, Carmel, Ind., had to borrow money on unattractive terms to finance its recovery from Chapter 11 bankruptcy reorganization proceedings in September 2003.

Conseco, a holding company for life and health insurance companies, now has asked investment banking units of Bank of America Corp., Charlotte, N.C., and J.P. Morgan Chase & Company, New York, to help it reduce the principal amount borrowed through a senior secured credit agreement to $475 million, from the current value of $767 million.