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Harbinger Group Issues $700 Million of Bonds to Refinance Debt

Dec. 14 (Bloomberg) -- Harbinger Group Inc., the holding company run by hedge-fund manager Philip Falcone, issued $700 million of bonds to refinance debt.

The company, which focuses on acquiring controlling stakes in businesses, issued 7.875 percent notes due July 2019 to yield 694 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The offering was marketed earlier this week for $650 million.

Proceeds will be used to refinance the company’s $500 million of 10.625 percent securities due November 2015, Harbinger said in a Dec. 10 statement distributed by Business Wire. The bonds traded at 106.3 cents on the dollar to yield 8.2 percent or 615 basis points more than similar-maturity Treasuries on Dec. 6, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.

Moody’s Investors Service graded the new bonds B3, six levels below investment grade, the ratings company said in a Dec. 10 statement. Deutsche Bank AG, Jefferies Group Inc., and Macquarie Group Ltd. managed the sale for the New York-based company, Bloomberg data show.

To contact the reporter on this story: Sarika Gangar in New York at;

To contact the editor responsible for this story Alan Goldstein at;

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