Conseco Announces Two Capital Transactions Totaling $550 Million.CARMEL, Ind.--(BUSINESS WIRE)--Aug. 26, 1999-- Conseco, Inc. (NYSE NYSE See: New York Stock Exchange :CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) today announced the public offering of 12 million of the 9.44% Trust Originated Preferred Securities(SM)(TOPrS(SM)) of Conseco Financing Trust VII, a subsidiary trust of Conseco, at $25 per security. Each TOPrS(SM) security will pay cumulative cash distributions at the annual rate of 9.44 percent of the stated $25 liquidation amount per security, payable quarterly commencing Sept. 30, 1999. The TOPrS(SM) are fully and unconditionally guaranteed Unconditionally Guaranteed is the eighth LP by Captain Beefheart & the Magic Band, originally released in 1974. Upon release it was criticised for being too commercial, however it failed to give Beefheart any real chart success and peaked at #192 on the Billboard by Conseco. Proceeds from the offering will be used to repay debt. Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co., A.G. Edwards & Sons, Inc., Lehman Brothers, PaineWebber Incorporated, Prudential Securities, CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. , and Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. are managing the offering. Conseco has granted the underwriters an option to purchase up to 1.8 million additional TOPrS(SM) to cover over-allotments, if any. The offering is being made only by means of the Prospectus Supplement and the accompanying Prospectus. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. For a copy of the prospectus supplement discussing the offering, contact Merrill Lynch & Co., World Financial Center, North Tower, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10281. Conseco also announced today the private placement of 250,000 of Redeemable Hybrid Income Overnight Shares (RHINOS) of Conseco Financing Trust XI, a subsidiary trust of Conseco, at $1,000 per share. The entire issue of trust preferred securities, which pay quarterly distributions at a floating rate, was purchased by a trust organized by Banc of America Securities L.L.C. ("BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science "). Proceeds from the private placement were used to repay debt. Conseco also agreed to issue $250 million of its common stock in one or more public offerings led by BAS prior to Feb. 20, 2002. Headquartered in Carmel, Ind., Conseco is one of middle America's leading sources for insurance, investment and lending products. Through its subsidiaries and a nationwide network of insurance agents and finance dealers, Conseco provides solutions for both wealth protection and wealth creation to 12 million customers. (SM)"Trust Originated Preferred Securities" and "TOPrS" are service marks of Merrill Lynch & Co., Inc. World Wide Web http://www.conseco.com Investor Hotline 800.4.CONSECO Fax-on-Demand 800.344.6452 |
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