HC2 Holdings to price $300 million five-year notes on Tuesday; initial talk 8½%-9%

By Paul A. Harris

Portland, Ore., Jan. 25 – HC2 Holdings, Inc. plans to price a $300 million offering of five-year senior secured notes (expected ratings Caa1/B-) on Tuesday, according to market sources.

Early guidance has the deal coming to yield 8½% to 9%, a trader said.

An investor conference call was scheduled to get underway at 1 p.m. ET on Monday.

Jefferies LLC and Credit Suisse Securities (USA) LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The New York-based diversified holding company plans to use the proceeds to redeem its existing senior secured notes and repay its outstanding revolver balance.

HC2 Holdings has four core operating subsidiaries in the construction, marine services, natural gas distribution and telecommunications businesses.

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