Key Developments: Harbinger Group Inc (HRG)
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17 May 2013
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Latest Key Developments (Source: Significant Developments)
Harbinger Group Inc's Fidelity & Guaranty Life Holdings Inc Completes Issuance Of $300 Million Of Senior Notes
Harbinger Group Inc announced that Fidelity & Guaranty Life Holdings, Inc. has completed the previously announced offering of $300 million aggregate principal amount of senior notes due 2021. The notes were priced at par with a coupon of 6.375% and closed on March 27th, 2013. FGL expects to use the net proceeds from the issuance of the notes for general corporate purposes, to support the growth of its subsidiary life insurance company and to pay a dividend to its parent company. Full Article
Harbinger Group Inc Announces Pricing of Fidelity & Guaranty Life Holdings, Inc.’s $300 Million Senior Notes
Harbinger Group Inc announced that its wholly-owned subsidiary, Fidelity & Guaranty Life Holdings, Inc. (FGL), priced an offering of $300.0 million aggregate principal amount of its 6.375% senior notes due 2021. The notes were priced at par with a coupon of 6.375%. The notes will mature on April 1, 2021. The offering is expected to close on or about March 27, 2013. FGL expects to use the net proceeds from the issuance of the notes for general corporate purposes, to support the growth of its subsidiary life insurance company and to pay a dividend to HGI. Full Article
Harbinger Group Inc Announces Launch Of Debt Offering
Harbinger Group Inc announced an offering of $650 million in aggregate principal amount of senior secured notes. The Company expects to use the net proceeds from the issuance of the notes to refinance its existing 10.625% senior secured notes due November 15, 2015 and for working capital by it and its subsidiaries and for general corporate purposes, including the financing of future acquisitions and businesses. Full Article
EXCO Resources Inc Announces Partnership With Harbinger Group Inc. Related To Conventional Oil And Gas Properties In Texas And Louisiana
EXCO Resources Inc announced a definitive agreement with Harbinger Group Inc. (HGI) whereby EXCO will contribute its conventional non-shale assets in East Texas and North Louisiana and its shallow Canyon Sand and other miscellaneous assets in West Texas to a limited partnership (the Partnership) with HGI. In exchange for the contribution of its assets, EXCO will receive cash consideration of $597.5 million, subject to customary purchase price adjustments to reflect an effective date of July 1, 2012, a 24.5% limited partner interest in the Partnership and a 50% interest in the general partner of the Partnership. HGI will contribute $372.5 million cash and will receive a 73.5% limited partner interest in the Partnership and a 50% interest in the general partner. The remaining $225 million of the cash consideration paid to EXCO will be funded by a revolving credit agreement to be entered into by the Partnership. The formation of the Partnership results in a $725 million valuation of the oil and gas properties included in the transaction. After giving effect to the 2% general partner interest in the Partnership, EXCO and HGI will own an economic interest in the Partnership of 25.5% and 74.5%, respectively. Full Article
Harbinger Group Inc.'s Salus Capital Partners, LLC Rises $100 Million In New Loan Commitments
Salus Capital Partners, LLC (Salus), a subsidiary of Harbinger Group Inc., announced that it has recently surpassed $100 million in new loan commitments through May 2012. Salus has provided loans to ten companies throughout North America and in situations ranging from turnarounds to emerging growth stories. Full Article
Harbinger Group Inc. Announces Appointment of New Chief Financial Officer
Harbinger Group Inc. announced the appointment of Thomas A. Williams as Chief Financial Officer and Executive Vice President of the Company, effective March 5, 2012. Mr. Williams brings over 25 years of finance and management experience to HGI, most recently serving as Chief Executive Officer and Chief Financial Officer at RDA Holding Co. ("RDA Holding") and its subsidiary Reader's Digest Association, Inc. ("Reader's Digest"), where he also served on the board of directors of RDA Holding. Full Article
Harbinger Group Inc. Announces Resignation Of Chief Financial Officer
Harbinger Group Inc. announced that Francis T. McCarron, the Company's Chief Financial Officer (CFO), has advised the Company of his resignation effective April 30, 2012, to give the Company time to transition to a new Chief Financial Officer. The Company is in discussions with potential Chief Financial Officer candidates and expects to appoint a successor during the transition period. Full Article
Harbinger Group Inc. Announces Appointment Of President
Harbinger Group Inc. announced that Omar Asali has been appointed acting President of the Company, and is expected to be appointed President subject to approval by the Board of Directors. Mr. Asali has served as a Director of the Company since May 2011. He is also a Managing Director and Head of Global Strategy for Harbinger Capital Partners and is responsible for its global portfolio and business strategy. Mr. Philip Falcone, who was President of the Company, will continue to serve as the Chairman of the Board and Chief Executive Officer of the Company. Full Article
Harbinger Group Inc. Announces Pricing Of Debt Offering
Harbinger Group Inc. announced that on June 23, 2011, it priced an offering of $150 million aggregate principal amount of its 10.625% Senior Secured Notes due 2015. The notes were priced at 101.000% of par with a coupon of 10.625%, plus accrued interest from May 15, 2011. The Company previously issued $350 million aggregate principal amount of its 10.625% Senior Secured Notes due 2015 in November 2010. The notes will mature on November 15, 2015. The offering is expected to close on or about June 28, 2011. The Company expects to use the net proceeds from the issuance of the notes for working capital by it and its subsidiaries and for general corporate purposes, including the financing of future acquisitions and other investments. Full Article
Harbinger Group Inc. Announces Launch Of Debt Offering
Harbinger Group Inc. announced that it has commenced an offering of an additional $150 million in aggregate principal amount of its 10.625% senior secured notes due 2015. The Company previously issued $350 million in aggregate principal amount of its 10.625% senior secured notes due 2015 in November 2010. The Company expects to use the net proceeds from the issuance of the notes for working capital by it and its subsidiaries and for general corporate purposes, including the financing of future acquisitions and investments. Full Article
U.S. Feds sideline billionaire Falcone from fund business
NEW YORK - One-time star money manager Philip Falcone will be barred from starting another hedge fund for two years as he winds down his existing fund and returns money to investors, under a preliminary deal with securities regulators to settle fraud and other charges that was made public on Thursday.
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