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Conseco Closes Amendment to Credit Facility
Date:3/31/2009

CARMEL, Ind., March 31 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO), reported today that it has completed the previously announced amendment of its credit facility. The changes made to the credit agreement include:

  • An increase in the debt to capital ratio through June 30, 2010 to 32.5%, returning to 30% thereafter;
  • A decrease in the interest coverage ratio to 1.5x through June 30, 2010, returning to 2.0x thereafter;
  • A decrease in the minimum risk based capital ratio to 200% through June 30, 2010, returning to 250% thereafter;
  • A decrease in the minimum level of statutory capital to $1.1 billion through June 30, 2010, returning to $1.27 billion thereafter; and
  • An increase in the annual interest rate payable by the Company to either LIBOR + 4.00%, with a LIBOR floor of 2.50%, or a base rate + 3.00%, with a base rate floor of 3.50%, plus in either case an additional 1% that will be added to the principal balance of the facility and will be payable at the facility's maturity date.

As a result of the amendment, the Company's current cash interest rate on the $911.8 million outstanding under the credit facility increased from approximately 2.6% to 7.5%. The amendment also places additional restrictions on the Company's ability to incur certain additional indebtedness, among other restrictions. The amendment made no changes to the amount borrowed under the credit facility, to the principal repayment schedule or to the collateral pledged as security for the facility.

About Conseco

Conseco, Inc.'s insurance companies help protect working American families and seniors from financial adversity: Medicare supplement, long-term care, cancer, heart/stroke and accident policies prot
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