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Conseco Offers to Exchange $2.5 Billion of Bonds

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Cash-strapped insurer

Conseco

(CNC) - Get Centene Corporation Report

offered to replace about $2.5 billion of existing debt with new bonds that have a longer maturity.

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The new bonds would also move up the ladder of the company's payback priorities. Conseco said it is making the offer to extend the maturity profile and enhance its ability to refinance existing debt.

Conseco has been reeling this month following the firing of its chief financial officer and a credit rating agency's warning that its debt could be slashed two or more notches unless its cash flow improved.

The offer will expire on April 12.