Friday, 29 May 2015
Last updated 3 min 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…