HC2 Broadcasting Completes $79 Million Financing
HC2 Holdings, Inc. (HCHC)
NASDAQ:AMEX Investor Relations:
ir.hc2.com
Company Research
Source: GlobeNewswire
NEW YORK, Oct. 24, 2019 (GLOBE NEWSWIRE) -- HC2 Holdings, Inc. (“HC2” or the “Company”) (NYSE: HCHC), a diversified holding company, announced today that its Broadcasting segment has completed the issuance of $78.7 million of new notes (the “Notes”) by HC2 Broadcasting Holdings Inc. and certain of its operating subsidiaries (together, “HC2 Broadcasting”). Net proceeds from the financing will be used to retire HC2 Broadcasting’s existing notes due 2019, as well as fund pending acquisitions, working capital and general corporate purposes. The privately placed notes are comprised of a $36.2 million Tranche A piece funded by an affiliate of MSD Partners, L.P., along with a $42.5 million Tranche B piece funded by an institutional lender. The Notes, which have a blended PIK coupon rate of 9.6%, mature in October 2020. “We are pleased to have completed the financing at HC2 Broadcasting,” said Philip Falcone, Chairman, President and Chief Executive Officer of HC2. “With the completion
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