Supplemental health and life insurer Conseco Inc. said Tuesday it raised $222.7 million from a public offering of 49.5 million shares of common stock.
The proceeds included 4.5 million shares sold to the underwriters to cover over-allotments. Each share was priced at $4.75 each.
The company said it used $161.4 million from the offering to reduce debt under its senior credit agreement. It plans to use the remaining proceeds for general corporate purposes.
Morgan Stanley & Co. acted as bookrunning manager and Credit Suisse Securities, FBR Capital Markets & Co. and Macquarie Capital Inc. acted as co-managers.
Conseco shares fell a penny to close at $4.88.