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Banking, finance, and taxes

Conseco Scores Paulson & Co. Investment (CNO)

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By Douglas A. McIntyre Updated Published
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Conseco, Inc. (NYSE: CNO) was a mixed blessing today after the close.  The firm is diluting shareholders with a secondary offering, but it also announced that the esteemed firm Paulson & Co. is taking 16.4 million shares and additional warrants for another 5 million shares.  This is listed as an aggregate purchase price of $77.9 million.

This is part of a series of transactions which are intended to enhance its capital position.  Conseco intends to privately offer up to $293.0 million aggregate principal amount of convertible senior notes.  Upon closing the private sale of common stock, Paulson will own about 9.9% of Conseco’s outstanding shares if you include the shares Paulson previously acquired in open market transactions.

Conseco shares closed down 2.5% at $4.99 today and we have not seen much after-hours trading indications.

JON C. OGG
OCTOBER 13, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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