Conseco to pay down loan borrowings with common stock proceeds

By Sara Rosenberg

New York, Dec. 14 - Conseco Inc. plans to repay bank debt using $150 million of the proceeds from the sale of 45 million shares of common stock plus 50% of the net proceeds in excess of $200 million, according to a news release.

Remaining proceeds from the offering will be used for general corporate purposes.

Conseco is a Carmel, Ind.-based insurance company.

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