Conseco’s $800 million term loan “B” dropped half-a-point and traded actively in the 100-100 1/2 context after William Shea, the company’s ceo, resigned. William Kirsch, the company’s top attorney, was appointed to succeed him. Conseco’s “B” loan is led by Bank of America and is priced at LIBOR plus 4%. Calls to Kirsch were referred to a spokesman who did not return calls.
Conseco in a release said Shea had decided to leave the company “after successfully leading Conseco on its emergence from Chapter 11 and return to profitability” and did not provide further explanation on his departure. Shea had been named the insurance company’s ceo in the fall of 2002, replacing Gary Wendt, who served the company for 26 months.