NU Online News Service, June 29, 2:02 p.m. – Conseco Inc., Carmel, Ind., says it has borrowed $400 million by issuing public notes paying an annual interest rate of 10.75%.
Conseco used the proceeds and other cash to pay off $478 million borrowed through a short-term bank credit facility, the company says.
Conseco borrowed a total of $2 billion through the credit facility in September 2000 to restructure its debt, according to reports the company filed with the U.S. Securities and Exchange Commission.