CARMEL, Ind.--(BUSINESS WIRE)--Nov. 24, 1997--Conseco, Inc. (NYSE:CNC) today announced that it intends to offer $500 million of FELINE PRIDES(SM), which are units consisting of trust preferred securities and stock purchase contracts under which the holders will purchase common stock from Conseco in February of 2001.
Merrill Lynch & Co., Credit Suisse First Boston, PaineWebber Incorporated, SBC Warburg Dillon Read Inc., Furman Selz and Sands Brothers & Co., Ltd. will manage the offering. Conseco will grant the underwriters an option to purchase up to an additional $75 million of FELINE PRIDES(SM) to cover over-allotments, if any.
Proceeds from the offering will be used to reduce outstanding indebtedness and for other general corporate purposes.
Conseco is a financial services organization headquartered in Carmel, Ind. Through its subsidiaries, Conseco is one of the nation's leading providers of supplemental health insurance, retirement annuities and universal life insurance.
The planned offering will be made only by means of a prospectus supplement to a Conseco shelf registration statement. The registration statement has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. For a copy of the prospectus supplement discussing the offering, contact Merrill Lynch & Co., World Financial Center, North Tower, New York, NY 10281.
CONTACT:
Conseco, Inc.
Jim Rosensteele, 317/817-2893
KEYWORD: INDIANA
BW1066 NOV 24,1997 |
