HC2 Holdings to redeem $50 million 11½% notes due 2021 in June

By Wendy Van Sickle

Columbus, Ohio, May 12 – HC2 Holdings, Inc. plans to redeem $50 million of its 11½% senior secured notes due 2021 in June at 104.5, according to a press release.

HC2 will redeem the portion of its outstanding 11½% notes due 2021 using proceeds from the sale of its 30% stake in Huawei Marine Networks Co., Ltd. for $85 million.

Following the redemption, HC2 said it will have redeemed about $130 million of the 11½% notes this year, for an annual interest expense savings of $15 million.

The diversified holding company is based in New York.

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