Conseco Inc. has completed a previously announced effort to sell 45 million shares of common stock to the public, and it also has sold 4.5 million in additional shares to the offering underwriters.

The public offering price was $4.75 per share, and, after subtracting commissions and other underwriting expenses, the stock sale raised a total of about $223 million in net proceeds, according to Conseco, Carmel, Ind. (NYSE:CNO)

Morgan Stanley & Company Inc., New York, was the bookrunning manager.

Conseco will use about $161 million of the proceeds to repay debt and the rest for general corporate purposes, the company says.