By Abigail W. Adams
Portland, Me., Nov. 14 – HC2 Holdings Inc. priced $55 million of four-year convertible notes with a coupon of 7.5% and an initial conversion premium of 20% prior to the market open on Wednesday, according to a company news release.
Jefferies LLC was bookrunner for the Rule 144A deal, which priced alongside a $470 million offering of three-year senior notes.
The convertible notes are callable after June 1, 2020 subject to certain conditions.
Proceeds, together with proceeds from the senior notes offering and cash on hand, will be used to redeem the full outstanding amount of the company’s 11% senior notes due 2019.
HC2 Holdings is a New York-based diversified holding company with four core operating subsidiaries in the construction, marine services, natural gas distribution and telecommunications businesses.
| Issuer: | HC2 Holdings Inc.
|
| Securities: | Convertible senior notes
|
| Amount: | $55 million
|
| Maturity: | June 1, 2022
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 7.5%
|
| Conversion premium: | 20%
|
| Conversion price: | $4.38
|
| Conversion rate: | 228.3105
|
| Call options: | Callable after June 1, 2020 subject to certain conditions
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 20
|
| Distribution: | Rule 144A
|
| Stock symbol: | NYSE: HCHC
|
| Stock price: | $3.65 at market close Nov. 13
|
| Market capitalization: | $163.43 million
|
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