CARMEL, Ind., Oct. 15 /PRNewswire-FirstCall/ -- Conseco, Inc. (NYSE: CNO) announced today that it is commencing a cash tender offer to repurchase any and all of its outstanding 3.50% Convertible Debentures due September 30, 2035 (CUSIP Nos. 208464BH9 and 208464BG1) (the "Debentures").