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October 10, 2012
08:15 EDTHRGHarbinger's insurance sub FGL executes $295M reserve credit facility
Harbinger Group announced the closing of a $295M reserve credit facility between Nomura Bank International and HGI's primary insurance company, Fidelity & Guaranty Life, or FGL. The facility replaces a seller-provided facility put in place under the stock purchase agreement entered into between a subsidiary of HGI and Old Mutual plc for the acquisition of FGL. Under the terms of the reserve credit facility agreement, Nomura will provide Raven Re, a wholly-owned subsidiary of FGL, with a five-year facility at a lower financing cost to recapture business that was previously ceded to Old Mutual Reassurance Ireland Ltd. Under the terms of the stock purchase agreement between HGI and Old Mutual, HGI was required to recapture this ceded business by Dec. 31, 2015.
News For HRG From The Last 14 Days
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May 5, 2015
05:35 EDTHRGTravelport announces multi-year contract renewal with HRG
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April 28, 2015
17:46 EDTHRGSpectrum Brands acquires Armored AutoGroup for $1.4B
Spectrum Brands Holdings (SPB) announced it has signed a definitive merger agreement to acquire Armored AutoGroup Parent from Avista Capital Partners for $1.4B in cash and assumed debt. Including synergies from its acquisition of the A/C PRO business from IDQ Acquisition Corp. in March 2014, other synergies and organic growth, Armored AutoGroup is expected to generate net sales of more than $440M and adjusted EBITDA in excess of $140M for the calendar year ending December 31. Nearly 80% of Armored AutoGroupís annual revenues are generated in the U.S. The acquisition is expected to increase Spectrum Brandsí top-line growth and margins and be accretive to adjusted EPS and adjusted EBITDA before synergies in the first full fiscal year following the closing of the transaction. In addition, the acquisition is expected to add over $60M of free cash flow in the first full fiscal year after closing, including acquisition, integration and interest costs. The $1.4B cash purchase price and associated transaction fees and expenses are expected to be funded through a combination of new debt and approximately $500M of Spectrum Brands common stock, including equity to be purchased by HRG Group (HRG). As part of the transaction, Spectrum Brands has received debt financing commitments from Credit Suisse, Deutsche Bank and Jefferies.

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