Conseco Inc. has hired investment bankers to help it replace its senior secured credit agreement.

Conseco, Carmel, Ind., owes $478 million to its lenders under the current agreement. It wants to replace that agreement with a new agreement that would increase the principal amount of the facility to $675 million and extend the due date to 2013, from 2010, the company says.

Conseco would use the extra $200 million to strengthen the capital of its insurance subsidiaries, the company says.