Jefferies raises funds for acquisitions, development, debt repayments
By Devika Patel
Knoxville, Tenn., Nov. 4 – HC2 Holdings Inc. said it priced a $51.45 million public sale of stock with a $7.72 million greenshoe. The offering was announced Nov. 3.
The company will sell 7.35 million common shares at $7.00 per share. The price per share reflects a 7.9% discount to the Nov. 3 closing share price of $7.60.
Jefferies LLC is the bookrunner.
Settlement is expected Nov. 9.
Proceeds will be used for investments in subsidiaries and operations, potential acquisitions, development and redevelopment activities, debt repayments, the repurchase or redemption of preferred stock and other general corporate purposes.
The holding company is based in Herndon, Va.
| Issuer: | HC2 Holdings Inc.
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| Issue: | Common stock
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| Amount: | $51.45 million
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| Greenshoe: | $7,717,500, or 1,102,500 shares
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| Shares: | 7.35 million
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| Price: | $7.00
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| Warrants: | No
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| Bookrunner: | Jefferies LLC
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| Announcement date: | Nov. 3
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| Pricing date: | Nov. 4
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| Settlement date: | Nov. 9
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| Stock symbol: | NYSE: HCHC
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| Stock price: | $7.60 at close Nov. 3
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| Market capitalization: | $181.96 million
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