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HC2 Holdings to redeem $77 million 11˝% notes due 2021 at 104.5
By Marisa Wong
Los Angeles, March 2 – HC2 Holdings, Inc. plans to redeem $77 million of its 11˝% senior secured notes due 2021 at 104.5, according to a press release.
As previously announced, HC2 will redeem a portion of its outstanding 11˝% notes due 2021 using proceeds from a pair of asset sales.
The company announced on Monday that a subsidiary of Global Marine Holdings, LLC, in which HC2 holds a 73% equity interest, completed the sale of 100% of Global Marine Group to an investment affiliate of J.F. Lehman & Co., LLC.
HC2 received net proceeds of $99 million from the sale and will use the funds to redeem about $77 million of the 11˝% notes and repay its $15 million secured revolving line of credit.
HC2 also plans to redeem a portion of the 11˝% notes due 2021 using proceeds from a separate asset sale.
The proposed sale of Global Marine Group’s 49% joint venture with Huawei Marine Networks Co., Ltd. is expected to close by the end of the first quarter of 2020.
Once it closes, HC2 will use the proceeds to redeem additional 11˝% notes at a redemption price of 104.5.
The diversified holding company is based in New York.
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