Conseco plans to hold tender offer for $293 million 3.5% convertibles

By Angela McDaniels

Tacoma, Wash., Oct. 13 - Conseco, Inc. plans to begin a tender offer for its $293 million outstanding principal amount of 3.5% convertible debentures due 2035 soon, according to a company news release.

The completion of the tender offer is a condition to the completion of a planned private placement of common stock and warrants, an 8-K filing with the Securities and Exchange Commission stated.

The company plans to finance the tender offer with the proceeds of a sale of up to $293 million principal amount of new 7% convertible senior debentures due 2016.

Conseco is an insurance company based in Carmel, Ind.

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