Conseco Raises $77.9 Million From Sale Of Common Shares, Warrants

Posted on: Mon, 16 Nov 2009 04:04:00 EST

Symbols: CNO

Nov 16, 2009 (FinancialWire via COMTEX) --
CNO | Quote | Chart | News | PowerRating -- (Comment on this article at http://www.financialwire.net/2009/11/16/conseco-raises-77-9-million-from-sale-of-common-shares-warrants/)

November 16, 2009 (FinancialWire) -- Insurer Conseco, Inc. (NYSE: CNO | Quote | Chart | News | PowerRating) has closed a private sale of 16.4 million shares of common stock and warrants to purchase five million shares of common stock to Paulson & Co. Inc., on behalf of the several investment funds and accounts managed by Paulson, for $77.9 million in proceeds.

Paulson now owns around 9.9% of Conseco's outstanding shares, including shares Paulson previously acquired in open market transactions.

Conseco granted certain registration rights to Paulson in connection with its acquisition of the common stock and warrants. Conseco used $36.8 million, one-half of the net proceeds from the issuance of these shares and warrants, to repay indebtedness under its credit agreement.

The warrants that Paulson received have an exercise price of $6.50 per share of common stock. They expire on December 30, 2016.

Carmel, Indiana-based Conseco offers Medicare supplement, long-term care, cancer, critical illness and accident policies, as well as annuities and life insurance products.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports, filings and conference call webcasts for companies mentioned in the news are available via Investrend Syndications (http://investrend.ar.wilink.com/?level=279). Friday's issued reports and/or recorded webcasts include Yanglin Soybean Inc. (OTCBB: YSYB), J.C. Penney (NYSE: JCP), Penford Corporation (NASDAQ: PENX), Savanna Energy Services Corp. (TSX: SVY) and ZAGG Inc. (NASDAQ: ZAGG).

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