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HC2 talks $300 million five-year secured notes to yield 8½%-8¾%; pricing Tuesday
By Paul A. Harris
Portland, Ore., Jan. 26 – HC2 Holdings, Inc. talked its $300 million offering of five-year senior secured notes (Caa1/B) to yield 8½% to 8¾%, according to market sources.
Official talk comes tight to early guidance of 8½% to 9%.
Books close at 1 p.m. ET on Tuesday, and the deal is set to price thereafter.
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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