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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowConseco Inc. plans to sell about $230 million in stock and use half of the net proceeds to repay debt under its senior
credit agreement, the Carmel-based insurer said Thursday in a filing with the Securities and Exchange Commission.
The remaining half will be used for general corporate purposes, it said.
Conseco had $854.6 million of debt outstanding
under its senior credit agreement as of Sept. 30 and a total debt $1.27 billion, according to the filing.
Morgan
Stanley & Co. Inc. is the underwriter for the offering.
Conseco shares closed Wednesday at $5.35 each, up 10
cents on the day.
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