Series A-2 preferreds sold to four investors at $1,000 apiece
By Devika Patel
Knoxville, Tenn., Aug. 5 - Harbinger Group Inc. settled a $120 million private placement of series A-2 convertible participating preferred stock on Aug. 5, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced on Aug. 1 and was amended on Aug. 4 to include an additional investor.
The company sold 120,000 preferreds at $1,000.00 each. Each preferred converts to common stock at $7.00 per share, which is a 31.83% premium to the July 29 closing share price of $5.31.
The investors were Quantum Partners LP, JHL Capital Group Master Fund LP, DDJ Capital Management, LLC and Luxor Capital Partners, LP.
Proceeds will be used for general corporate purposes, which may include acquisitions and other investments.
Harbinger is a New York-based holding group for subsidiaries Spectrum Brands Holdings, Inc., a branded consumer products company, and Fidelity & Guaranty Life Insurance Co., a life insurance and annuity company.
| Issuer: | Harbinger Group Inc.
|
| Issue: | Series A-2 convertible participating preferred stock
|
| Amount: | $120 million
|
| Shares: | 120,000
|
| Price: | $1,000.00
|
| Conversion price: | $7.00
|
| Warrants: | No
|
| Investors: | Quantum Partners LP, JHL Capital Group Master Fund LP, DDJ Capital Management, LLC and Luxor Capital Partners, LP
|
| Pricing date: | Aug. 1
|
| Pricing date: | Aug. 4
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| Pricing date: | Aug. 5
|
| Stock symbol: | NYSE: HRG
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| Stock price: | $5.23 at close Aug. 1
|
| Market capitalization: | $689.04 million
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