Saturday, 30 August 2014
Last updated 1 day ago
Dec 11 2012 | 9:39am ET
Harbinger Capital Management's permanent capital vehicle plans to refinance a half-billion dollars in debt this week.
Harbinger Group could sell $650 million in new seven-year notes. The proceeds would go towards refinancing $500 million in debt due in November 2015.
The new notes would pay an 8% coupon, compared to the 10.625% paid on the 2015 notes, and would come due in 2017. Standard & Poor's has rated the new issuance B. The existing notes are rated B-minus.
Deutsche Bank, Jefferies Group and Macquarie Group are managing the bond sale.
Harbinger Capital is currently fighting a Securities and Exchange Commission fraud lawsuit, accusing the hedge fund, firm founder Philip Falcone and former chief operating officer Peter Jenson of defrauding investors in four ways, citing Falcone's loan from Harbinger to pay his taxes, alleged preferential redemption treatment for favored investors including Goldman Sachs, market manipulation and shorting into the deal. The firm is also fighting to save its largest investment, wireless Internet company LightSquared, which filed for bankruptcy in May.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...