HC2 Holdings sets roadshow for $535 million five-year secured notes

By Paul A. Harris

Portland, Ore., Oct. 22 – HC2 Holdings, Inc. plans to start a roadshow on Tuesday in New York for a $535 million offering of five-year senior secured notes, according to market sources.

Initial guidance has the deal coming with a yield in the low-to-mid 9% area, a trader said.

The roadshow continues in New York on Wednesday, moves to Boston on Thursday and to Los Angeles on Oct. 29. Further details on the roadshow are pending.

The Rule 144A and Regulation S for life deal is set to price early in the Oct. 29 week.

Jefferies LLC is the bookrunner.

The notes become callable after two years at par plus 50% of the coupon.

The New York-based diversified holding company plans to use the proceeds to refinance 11% secured notes due 2019.

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

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