Conseco announces public offering of Trust Originated Preferred Securities - TOPrS.CARMEL, Ind.--(BUSINESS WIRE)--Nov. 15, 1996--Conseco, Inc. (NYSE NYSE See: New York Stock Exchange :CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) today announced the offering by Conseco Financing Trust I, a subsidiary trust of Conseco, of 11 million of 9.16% Trust Originated Preferred Securities(SM) (TOPrS)(SM) at $25 per security. Each TOPrS security will pay cumulative cash distributions at the annual rate of 9.16 percent of the stated $25 liquidation amount per security, payable quarterly commencing December 31, 1996. The TOPrS 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. 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., Dean Witter Reynolds Dean Witter Reynolds was an American stock brokerage catering to the middle class. In 1997, it merged with the Morgan Stanley Group to form Morgan Stanley Dean Witter. The amalgamated firm is now known as Morgan Stanley. Inc., Donaldson, Lufkin & Jenrette Securities Corporation, PaineWebber Incorporated, Prudential Securities Incorporated and Sands Brothers & Co., Ltd. will manage the offering. Proceeds from the offering of approximately $265.5 million (after underwriting and other associated costs) will be used to repay bank debt. (SM) "Trust Originated Preferred Securities" and "TOPrS" are service marks of Merrill Lynch & Co., Inc. NOTE TO EDITORS: The E-mail address See Internet address. e-mail address - electronic mail address below should contain an "at" symbol after "ir". It is possible this symbol may not appear properly in some systems. CONTACT: Conseco, Inc., Carmel Jim Rosensteele, Vice President-Investor Relations, 317/817-2893, E-mail: ir@conseco.com |
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