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Conseco prices public offering at $4.75 per share

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Supplemental health and life insurer Conseco Inc. said Wednesday it has priced a public offering of 45 million shares of common stock at $4.75 each for estimated proceeds after expenses of about $202.4 million.

The price represents a 7.6 percent discount to the stock’s closing price Wednesday. The company could raise as much as $222.7 million if underwriters fully exercise their 30-day option to purchase up to an additional 4.5 million shares.

The company plans to use at least $150 million to repay debt under its senior credit agreement. The remaining proceeds will be used for general corporate purposes.

The offering is set to close on Dec. 22.

Shares rose 33 cents, or 6.9 percent, to close earlier at $5.14. They fell 17 cents in aftermarket trading after the news was announced.

© 2009 Associated Press. Displayed by permission. All rights reserved.

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