HC2 talks $250 million five-year secured notes to yield in 11% area; pricing Thursday

By Paul A. Harris

Portland, Ore., Nov. 12 – HC2 Holdings, Inc. talked its $250 million offering of five-year senior secured notes (Caa1) to yield in the 11% area, according to an informed source.

Books close at 5 p.m. ET on Wednesday, and the deal is set to price Thursday.

Jefferies LLC is the bookrunner for the Rule 144A and Regulation S offering.

The notes become callable after two years at par plus 75% of the coupon.

The Herndon, Va., diversified holding company plans to use the proceeds to refinance debt issued in connection with the purchases of shares in Global Marine, Schuff and Novatel.

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