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Non-Tech : Conseco Insurance (CNO) -- Ignore unavailable to you. Want to Upgrade?

To: hcm1943 who wrote (506)	12/11/1997 8:45:00 AM
From: Ken Sammut	Respond to of 4155

hcm1943, Good to see you support a friend but I still question Dirk's character. One of two releases: CARMEL, Ind., Dec 9 (Reuters) - Conseco Inc said Tuesday it was offering 10 million units consisting of trust preferred securities and stock purchase contracts. Under the contracts, holders will purchase common stock from Conseco in February, 2001. Merrill Lynch & Co, Credit Suisse First Boston, Furman Selz, PaineWebber Inc, SBC Warburg Dillon Read Inc, and Sands Brothers & Co Ltd are underwriting the offering. Underwriters may purchase up to an additional $75 million of units to cover over-allotments, if any. The securities will bear interest at an annual rate of 6.75 percent, and the forward contract will pay 0.25 percent annually in the form of a contract adjustment payment. The forward contract calls for the holder to purchase the minimum of 0.9363 shares and a maximum of 1.1268 shares of Conseco common stock per security, depending upon the average of the closing price of Conseco common stock for a 20 consecutive trading day period ending in mid-February of 2001. Proceeds from the offering will be used to reduce outstanding debt and for other general corporate purposes. Conseco offers supplemental health insurance, retirement annuities and universal life insurance. 12:34 12-09-97