Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Financial Planning > Tax Planning > Tax Loss Harvesting

Conseco Refinances Debentures

By staff Writer

X
Your article was successfully shared with the contacts you provided.

Conseco Inc. (NYSE:CNO) has bought back $64 million of its old 3.50% convertible debentures through a privately negotiated transaction, the company says.

The debentures were due Sept. 30, 2035.

The purchase price for the $64 million in old debentures was equal to 100% of the principal amount plus accrued and unpaid interest, according to Conseco, Carmel, Ind.

Conseco says it has replaced the old debentures by issuing $64 million in new convertible senior debentures that will pay 7%. Those debentures are due in 2016.

Conseco previously completed the issuance of $176.5 million in new debentures in November 2009, after settling a tender offer for older debentures.

Conseco says it expects to recognize a $2 million loss in connection with the new debenture repurchase. The loss represents the write-off of the unamortized discount and issuance costs associated with the old debentures that were repurchased.

Conseco still has a total of $52.5 million of the old debentures remain outstanding.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.