By Devika Patel
Knoxville, Tenn., Dec. 13 – Heritage Insurance Holdings, Inc. plans to sell $79.5 million of floating-rate senior secured notes due 2023 in a private placement with funds managed by Fermat Capital Management, LLC and HSCM Bermuda Management Co. among others, according to a press release.
The notes bear interest at Libor plus 875 basis points.
Proceeds will be used for mergers and acquisitions, to make strategic investments and for general corporate purposes.
Heritage is a Clearwater, Fla.-based property and casualty insurance holding company.
| Issuer: | Heritage Insurance Holdings, Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $79.5 million
|
| Maturity: | 2023
|
| Coupon: | Libor plus 875 bps
|
| Investors: | Fermat Capital Management, LLC and HSCM Bermuda Management Co.
|
| Announced: | Dec. 13
|
| Settlement date: | Dec. 16
|
| Distribution: | Private placement
|
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