Saturday, 23 August 2014
Last updated 1 day ago
May 16 2011 | 1:55pm ET
A pair of alternative investments firms has invested almost $300 million in Harbinger Capital Partners' permanent capital vehicle.
Harbinger Group raised $280 million from three investors, including Fortress Investment Group and Providence Equity Fortress. Fortress' CF Turul fund provided the bulk of the financing, $205 million, with Providence Equity chipping in $50 million and a reinsurance company another $25 million.
The money bought the investors 280,000 convertible shares, accounting for a 23.6% stake in Harbinger Group. The shares have a coupon of 8% and are convertible at $6.50 per share, the holding company's approximate stock price on Friday.
Harbinger Capital set up Harbinger Group in 2009 and last year raised $350 million in a bond sale. That money, like the money raised last week, was earmarked for general corporate purposes.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note