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Mercury Bondco seals €600 million of PIK toggle notes; HC2 Holdings places $35 million
By Devika Patel
Knoxville, Tenn., Dec. 20 – On Tuesday, London-based debt issuing vehicle Mercury Bondco plc completed a €600 million private placement of senior secured floating-rate PIK toggle notes due May 30, 2021 and Herndon, Va., holding company HC2 Holdings Inc. arranged a private placement of $35 million of 11% senior secured bridge notes due 2019 with Jefferies LLC.
The Mercury notes bear interest at a floating rate equal to six-month Euribor plus 875 basis points for cash interest and at a rate equal to six-month Euribor plus 950 bps for PIK interest. The notes may be redeemed at 103 in 2018, at 101.5 in 2019 and at par after that.
The funds from the HC2 Holdings notes will be used to purchase convertible debt of ANG Holdings, Inc. for cash and for general corporate purposes.
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