Conseco's $800 million "B" loan dropped half-a-point at the start of last week after William Shea, the company's ceo, resigned. The loan traded actively in the 100-100 1/2 context before recovering slightly to the 100 1/2-7/8 range. 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%. Questions for Kirsch were referred to a spokesman who did not return calls.
Conseco said in a release, Shea had decided to leave the company "after successfully leading Conseco on its emergence from Chapter 11 and return to profitability." Shea had been named the insurance company's ceo in the fall of 2002.