Harbinger Capital Partners plans to sell a big chunk of its stake in Spectrum Brands Holding, which has played a big part in its plan to create a permanent capital vehicle.
Harbinger will sell 5.5 million common shares of the company, which owns such brands as Remington and Toastmaster, alongside 1 million shares to be sold by Spectrum itself. Harbinger's part of the sale accounts for more than 10% of Spectrum's outstanding shares.
None of the proceeds from Harbinger's part of the sale will go to Spectrum.
As part of the sale, Harbinger Group, the permanent capital vehicle that Harbinger sent its controlling stake to last year, promised not to sell any of its 54% stake over the next six months.