HC2 Holdings (NYSE: HCHC) announced plans to refinance its 11.500% senior secured notes due 2021 and a portion of 7.5% convertible senior notes due 2022. The refinancing will involve issuing new senior secured notes and extending some existing convertible notes. Proceeds will be used to redeem existing notes, repay revolving credit debt, and cover related expenses. The completion of these transactions depends on market conditions, and there is no guarantee they will occur.
HC2 Holdings, Inc. (NYSE: HCHC) has completed the sale of its majority-owned clean energy subsidiary, Beyond6, Inc., to Mercuria Investments US, Inc. for approximately $169 million. HC2 received $70 million in cash from the transaction, which will be utilized to reduce debt and strengthen its capital structure. This move aims to enhance financial flexibility and resource allocation towards high-growth areas. The acquisition was first announced on December 31, 2020, with Goldman Sachs acting as advisor for Beyond6.
HC2 Holdings, Inc. (NYSE: HCHC) announced that its subsidiary DBM Global expects increased spending on alternative energy and infrastructure projects following the recent political elections. CEO Wayne Barr highlighted potential trillions in government spending over the next decade. DBM’s Chairman Rustin Roach emphasized the job creation and economic benefits from an anticipated infrastructure bill. The company is well-positioned in the power sector, focusing on solar and LNG projects while seeking strategic acquisitions to enhance its market presence.
HC2 Holdings (NYSE: HCHC) announced the FDA approval of Glacial Rx, developed by its portfolio company R2 Technologies. This cryo-based aesthetic medical device aims to capture a share of the $22 billion skin tone evening and brightening market. Featured in RealSelf as a notable 2021 launch, Glacial Rx utilizes innovative dermal cooling technology, reducing downtime and risks compared to traditional methods. The product is anticipated to launch in 2021, offering physicians a cutting-edge solution for aesthetic and medical skin conditions.
HC2 Broadcasting Holdings, Inc. (NYSE: HCHC) announced the sale of three full power television stations and a low power translator for $35 million. The sale included KAZD Dallas, KYAZ Houston, KMOH-TV Phoenix, and KEJR-LD. Proceeds from this transaction have been utilized to reduce debt for HC2 Broadcasting. The company maintains a network of 229 stations across 93 U.S. markets and Puerto Rico, positioning itself as the largest operator of Class A and low power television stations in the U.S.
HC2 Holdings has announced the sale of its majority-owned clean energy subsidiary Beyond6 to Mercuria Investments for approximately $169 million. Expected cash proceeds for HC2 are around $65 million, which will be utilized to significantly reduce debt. This sale is part of HC2's strategy to enhance its capital structure and focus on high-growth areas. The transaction, approved by HC2's Board, is anticipated to close in the first quarter of 2021, pending regulatory review.
HC2 Holdings, Inc. (NYSE: HCHC) announced receiving a non-binding indication of interest from Continental General Holdings LLC, controlled by Michael Gorzynski, for its insurance segment valued at approximately $90 million. The deal would involve $65 million in cash and adjustments related to HC2-affiliated securities. The acquisition depends on regulatory approvals, a fairness opinion, and board approval, with Gorzynski recusing himself from deliberations. HC2 recently completed a $65 million rights offering aimed at simplifying its portfolio and enhancing profitability.
HC2 Holdings has appointed Wayne Barr, Jr. as Chief Executive Officer, effective November 25, 2020. Previously serving as interim CEO since June 2020, Barr has been a board member since 2014. Chairman Avie Glazer praised Barr's leadership in enhancing the company's capital structure, including a recent $65 million rights offering. Barr expressed excitement about steering the company towards profitability and growth. HC2 operates across various sectors, aiming to create long-term value for stakeholders.
HC2 Holdings, Inc. (NYSE: HCHC) announced the successful closing of its rights offering on November 20, 2020, raising approximately $65 million. The offering included the purchase of 13,979,674 shares through basic subscription rights and 2,763,148 shares via over-subscription. Major stockholder Lancer Capital backed the offering, investing over $21 million and converting preferred stock into 11,891,539 common shares. Following the offering, HC2 will have 76,586,573 shares outstanding, with proceeds intended for debt service and working capital.
HC2 Holdings (NYSE: HCHC) announced the preliminary results of its rights offering, which ended on November 20, 2020. A total of 25,435,718 basic subscription rights were exercised, resulting in the purchase of 13,892,807 common shares, along with additional subscriptions under the over-subscription privilege. The offering is backed by Lancer Capital, which will purchase up to $35 million in non-voting preferred stock. HC2 expects to raise approximately $65 million, intended for general corporate purposes including debt service. Final results will be disclosed around November 25, 2020.