HC2 Holdings to refinance substantially all of its existing debt

By Cady Vishniac

Detroit, Jan. 22 – HC2 Holdings, Inc. plans to refinance substantially all of its debt, including all of its existing 11˝% senior secured notes due 2021 and some of its 7˝% convertible senior notes due 2022, according to an 8-K filing with the Securities and Exchange Commission.

Earlier on Friday, HC2 announced that it would redeem $67,716,000 of its 11 ˝% senior notes with proceeds from its sale of Beyond6.

The company intends to issue new senior secured notes and extend the maturity on a portion of the convertibles.

The redemption of the 2021 notes will be funded by proceeds from new notes, which will also be used to pay down the company’s outstanding debt under its revolving credit facility.

HC2 is a diversified holding company based in New York.

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