John Paulson’s hedge fund makes big bet on Conseco
|October 15th, 2009||
|Hedge fund manager Paulson & Co., which is led by famed investor John Paulson, has increased its stake in financial insurance company Conseco Inc (NYSE: CNO) to 9.9%. According to a company press release the deal, which consists of 16.4 million shares of common stock and warrants to purchase 5 million more shares, will cost Paulson & Co. $77.9 million. |
Conseco plans on using half of its newly received capital to pay down its outstanding debt, while the other half will be used in a bond repurchase exchange. The company reports that it will repurchase convertible bonds due in October 2010 in order to re-issue $293 million in convertibles that will come due in 2016. Paulson & Co. has also agreed to buy $200 million in convertible bonds in a transaction separate from the stock purchase.
See Press Release
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