HC2 Holdings to redeem 11½% notes with proceeds of Beyond6 sale

By Cady Vishniac

Detroit, Jan. 22 – HC2 Holdings, Inc. will use the proceeds from the sale of Beyond6 Inc. to redeem $67,716,000 of its 11½% senior secured notes due 2021 at par plus interest on Feb. 19, according to an 8-K filing with the Securities and Exchange Commission.

The total cost of the redemption is expected to be $69,403,257.

Beyond6 was sold to Mercuria Investments US, Inc. for approximately $169 million.

HC2 owned approximately 61% of Beyond6 on a fully diluted basis and expected to receive $65 million in cash from the sale.

HC2 is a diversified holding company based in New York.

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