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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
August 16, 2005 at 08:00 PM
Conseco Inc. has succeeded at replacing 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, recently asked investment bankers to help it reduce the principal amount borrowed through a senior secured credit agreement.
The investment bankers responded by helping Conseco raise a total of $330 million by issuing convertible debentures, or unsecured notes, through a private placement.
The proceeds helped Conseco reduce credit facility debt to $447 million, from $767 million. The company also reduced the spread on a major portion of its debt to 2 percentage points over the London Interbank Offered Rate, a major international interest rate benchmark, from 3.5 percentage points over LIBOR.
Improvements in the company’s credit facility rating could cut the spread to 1.75 percentage points over LIBOR, Conseco says.
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