Jefferies raises funds for acquisitions, development, debt repayments
By Devika Patel
Knoxville, Tenn., Nov. 5 – HC2 Holdings Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $7.72 million greenshoe in full, lifting total proceeds of the offering to $59.17 million. The deal was announced Nov. 3 and priced for $51.45 million with the greenshoe on Nov. 4.
The company sold 8,452,500 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. Of the shares, 1,102,500 were part of the fully exercised greenshoe.
Jefferies LLC was the bookrunner.
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.
|
| Issue: | Common stock
|
| Amount: | $59,167,500, including $7,717,500 greenshoe of 1,102,500 shares
|
| Shares: | 8,452,500
|
| Price: | $7.00
|
| Warrants: | No
|
| Bookrunner: | Jefferies LLC
|
| Announcement date: | Nov. 3
|
| Pricing date: | Nov. 4
|
| Settlement date: | Nov. 5
|
| Stock symbol: | NYSE: HCHC
|
| Stock price: | $7.60 at close Nov. 3
|
| Market capitalization: | $184.27 million
|
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