Conseco Inc. has completed previously announced plans to raise $300 million by issuing convertible “debentures,” or unsecured notes, through a private placement.[@@]
Conseco, Carmel, Ind., had to borrow money on unattractive terms to finance its recovery from Chapter 11 bankruptcy reorganization proceedings in September 2003.
Recently, the company announced plans to issue the debentures and take other steps to refinance its existing financing with cheaper, more flexible forms of financing.
The new debentures pay an interest rate of 3.5% and are due Sept. 30, 2035.