Las Vegas, NV -- (SBWIRE) -- 12/12/2012 -- Harbinger Group Inc. (NYSE:HRG) has made a significant move up in recent trading sessions after the Company announced a $650 million debt offering in aggregate principal amount of senior secured notes. HRG plans to use the proceeds to refinance its 10.625% senior secured notes as well as working capital.
Since early 2011 HRG has owned the controlling interest (57.5%) in Spectrum Brands (NYSE: SPB) which continues to trade higher in recent months from the $20 range to recent highs near $50. This puts HRG holding in the Company at well over a billion.
Recently HRG bought out Fidelity & Guaranty Life Holdings, Inc (FGL) for $350 million. an insurance Company they now carry on the books at $845 million.
Harbinger Group Inc is the hedge fund of embattled manager Phillip Falcone who became famous back in 2007 when he made millions shorting subprime mortgages. The fund has been in steep decline in recent years following a number of bad investments including allegations of wrongdoing that ended in the SEC charging Falcone and Harbinger Capital with fraud in June 2012.
The Harbinger Group is a holding company that operates through a number of subsidiary’s who’s operations include life insurance and annuity products, and branded consumer products such as batteries, personal care products, small household appliances, pet supplies, and home and garden pest control products.
To find out more about this Company and what OTCMAGIC projects for Harbinger Group both short term and long term please go here: HRG
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