Simpson Thacher Represents Conseco Inc. In Debt Restructuring
10.16.09
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Simpson Thacher is representing Conseco Inc. in connection with a series of proposed restructuring transactions intended to refinance its outstanding 3.50% Convertible Debentures puttable by holders in September 2010 and to enhance its capital position. The restructuring includes a private placement of up to $293 million aggregate principal amount of 7% convertible senior debentures due 2016, the proceeds of which will be used to consummate a tender offer for its outstanding 3.50% Convertible Debentures. In addition, the company has entered into a stock and warrant purchase agreement with Paulson & Co. Inc. on behalf of the several investment funds and accounts managed by it to sell 16.4 million shares of common stock and warrants to purchase 5 million shares of common stock for an aggregate purchase price of $78 million, the proceeds of which will also be used in the tender offer and to enhance the company's capital.
The Simpson Thacher team includes: Gary Horowitz, Jeremy Saks, Alfredo Porretti and James Thompson (M&A), Roxane Reardon, Edgar Lewandowski, Byran Yoon and Jiyoung Sohn (Capital Markets), Gary Mandel, Jonathan Cantor and Jonathan Talansky (Tax) and Joe McLaughlin (Litigation).