Conseco offers 45M shares of common stock

AP News
Posted: Dec 14, 2009 5:21 PM

Insurer Conseco Inc. said Monday it is offering 45 million shares of common stock to help pay down debt and for corporate purposes.

The company plans to use $150 million plus half of the net proceeds of more than $200 million to repay debt. The rest of the net proceeds will go to general corporate purposes, Conseco said.

The company plans to grant the underwriters a 30-day option to buy up to an additional 4.5 million shares.

Morgan Stanley & Co. Inc. is acting as bookrunning manager and Credit Suisse Securities, FBR Capital Markets & Co. and Macquarie Capital Inc. are acting as co-managers.

Conseco shares rose 19 cents, or 4 percent, to close at $4.94 on Monday.