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Conseco Concludes Tender Offer

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Conseco Inc. announced it has completed a tender offer.

The company says it paid a total of $176,490,761 in principal amount of existing convertible debentures due Sept. 30, 2035 and carrying 3.5% interest, representing around 60% of the outstanding notes.

Conseco, Carmel, Ind., will fund a large part of the offer consideration with the net proceeds from its previously announced private offering of 7% convertible senior debentures due 2016. According to a company announcement, t will fund the balance of the tender offer with proceeds from its previously announced private placement of 16.4 million shares of common stock and warrants to purchase 5 million shares of common stock to investment funds managed by Paulson & Co. Inc., New York.


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