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Paul, Weiss Advises Harbinger Group on Stock Issuance
Practices
Harbinger Group Inc. (HGI) announced today the successful completion of convertible preferred stock issuances in May and August totaling $400 million. Assuming the conversion of the preferred stock as of the announcement date today, Harbinger Capital Partners will own approximately 65 percent of HGI. The preferred stock issuances were led by a $205 million investment by private equity funds affiliated with Fortress Investment Group LLC, which will own approximately 16 percent of HGI.
Over the last ten months, Paul, Weiss has also assisted HGI in raising $500 million in senior secured debt. Today, HGI has more than $600 million in cash available to pursue acquisitions and other transactions.
The Paul, Weiss team advising Harbinger in the transaction includes corporate partners Jeffrey D. Marell, Kelley D. Parker and Raphael M. Russo.