HCHC - HC2 Holdings stock down on launching $300M debt offering

HC2 Holdings (HCHC) -3% premarket on offering $300M of senior secured notes due 2026 in a private offering. Concurrently, the company intends to enter into exchange agreements with certain holders of outstanding 7.5% convertible senior notes due June 1, 2022 to exchange ~$37M of notes for new convertible notes with maturity date of August 1, 2026. Proceeds together with the net cash proceeds of the company’s previously announced sale of its majority-owned subsidiary Beyond6, Inc. and cash on hand will be used to redeem in full HC2’s existing 11.500% senior secured notes, repay the outstanding indebtedness under its revolving credit agreement and pay related fees and expenses.Previously: HC2 seeks to refinance substantially all of its existing debt (Jan. 22)

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HC2 Holdings stock down on launching $300M debt offering