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Conseco Refinances Credit Facility

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A Midwestern insurer is borrowing more money.

Conseco Inc., Carmel, Ind., says it has completed a previously announced refinancing of its credit facility.

Conseco increased the principal amount outstanding to $675 million, from $478 million, and it has extended the maturity to 2013, from 2010, the company says.

The new interest rate will float at 2 percentage points over the London Interbank Offered Rate benchmark, up from 1.75 percentage points before the refinancing, Conseco says.

Conseco is using the $200 million in additional cash it has borrowed to strengthen capital levels at its insurance subsidiaries, the company says.