HCI - HCI announces senior notes conversions to common stock for balance sheet strengthening
HCI (NYSE:HCI) announced that conversions to common stock have reduced the principal balance of its outstanding 4.25% Convertible Senior Notes to ~$24M from $139M a year ago. Under the note indenture, the remaining noteholders had the option to require the company to purchase their notes on Mar. 1, 2022. Holders of the $24M of notes will again have the option to require purchase of their notes on Mar. 1, 2027 and Mar. 1, 2032. With $100M+ in liquidity and an unleveraged balance sheet, the company is prepared to fund its growth in 2022 without the need for external capital. "Over the last year, we strengthened our balance sheet through a series of debt conversions and exchanges, reducing our debt-to-capital to 16% at year end," HCI Chairman and CEO Paresh Patel commented.
For further details see:
HCI announces senior notes conversions to common stock for balance sheet strengthening