Saturday, 28 March 2015
Last updated 20 hours 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…