Banking, finance, and taxes
Conseco Scores Paulson & Co. Investment (CNO)
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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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