HCHC - HC2 to use Beyond6 sale proceeds to redeem 11.5% notes

HC2 Holdings (HCHC) is up 3.6% following a filing discussing its intentions for the proceeds of a sale of clean-energy subsidiary Beyond6. HC2 gave notice to U.S. Bank of its intent to use net cash proceeds from its sale to redeem $67.7M of its 11.5% senior secured notes due 2021, at 100% of principal plus accrued and unpaid interest. Proceeds of the sale of Beyond6 are estimated at $169M; HC2 owned about 61% of the unit on a fully diluted basis, and received about $70M in cash.

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HC2 to use Beyond6 sale proceeds to redeem 11.5% notes