Tag Archives: Harbinger Group Inc

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Harbinger Group Inc. Announces Pricing of Fidelity & Guaranty Life Holdings, Inc.'s $300 Million Sen

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Harbinger Group Inc. Announces Pricing of Fidelity & Guaranty Life Holdings, Inc.’s $300 Million Senior Notes

NEW YORK–(BUSINESS WIRE)– Harbinger Group Inc. (“HGI“; NYSE: HRG), announced today that its wholly-owned subsidiary, Fidelity & Guaranty Life Holdings, Inc. (“FGL“), priced an offering of $300.0 million aggregate principal amount of its 6.375% senior notes due 2021. The notes were priced at par with a coupon of 6.375%. The notes will mature on April 1, 2021. The offering is expected to close on or about March 27, 2013. FGL expects to use the net proceeds from the issuance of the notes for general corporate purposes, to support the growth of its subsidiary life insurance company and to pay a dividend to HGI.

The notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act“) and to persons outside the United States under Regulation S of the Securities Act.

The notes offered in this offering have not been registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes, nor shall there be any offer, solicitation or sale of any notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward Looking Statements

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This document contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements, including the statements herein regarding the FGL notes offering. Such statements are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in or implied by such statements. These statements are based on the beliefs and assumptions of HGI‘s management and the management of HGI‘s subsidiaries (including target businesses). Generally, forward-looking statements include information concerning possible or assumed future actions, events, results, strategies and expectations and are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will”, “could,” “might,” or “continues” or similar expressions. Factors that could cause actual results, events and developments to differ include, without limitation: the ability of HGI‘s subsidiaries (including, target businesses …read more
Source: FULL ARTICLE at DailyFinance

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EXCO Resources, Inc. Partnership with Harbinger Group Inc. Closes Purchase of Conventional Oil and N

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EXCO Resources, Inc. Partnership with Harbinger Group Inc. Closes Purchase of Conventional Oil and Natural Gas Properties in Texas and Louisiana from an Affiliate of BG Group plc

DALLAS–(BUSINESS WIRE)– EXCO Resources, Inc. (NYS: XCO) (“EXCO“) announced today that its conventional oil and natural gas partnership (the “Partnership”) with Harbinger Group Inc. (NYS: HRG) (“HGI“) closed the previously announced acquisition of certain conventional oil and natural gas assets in the Danville, Waskom and Holly fields in East Texas and North Louisiana, including and above the Cotton Valley formation, from an affiliate of BG Group plc for approximately $130.9 million, after customary preliminary closing adjustments. The economic effective date of the transaction was January 1, 2013. The properties acquired by the Partnership represent an incremental working interest in certain properties that EXCO originally contributed to the Partnership.

The Partnership funded this acquisition using its revolving credit agreement. In connection with the closing, the borrowing base under the Partnership’s revolving credit agreement was increased by $70 million to an aggregate of $470 million, of which approximately $374 million has been drawn by the Partnership.

EXCO Resources, Inc. is an oil and natural gas acquisition, exploitation, development and production company headquartered in Dallas, Texas with principal operations in East Texas, North Louisiana, Appalachia and West Texas.

Harbinger Group Inc. (HGI) is a diversified holding company. HGI‘s principal operations are conducted through subsidiaries that offer life insurance and annuity products; branded consumer products such as batteries, personal care products, small household appliances, pet supplies, and home and garden pest control products; and energy assets. Harbinger Group Inc. is headquartered in New York and traded on the New York Stock Exchange under the symbol HRG.

Additional information about EXCO Resources, Inc. may be obtained by contacting EXCO‘s Chairman, Douglas H. Miller, or its President, Harold L. Hickey, at EXCO‘s headquarters, 12377 Merit Drive, Suite 1700, Dallas, TX 75251, telephone number (214) 368-2084, or by visiting our website at www.excoresources.com. Our SEC filings and press releases can be found under the Investor Relations tab.

EXCO Resources, Inc.
Douglas H. Miller, 214-368-2084
Chairman
or
Harold L. Hickey, 214-368-2084
President
www.excoresources.com

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:

The article EXCO Resources, Inc. Partnership with Harbinger Group Inc. Closes Purchase …read more
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Exco Resources, Inc. Announces Senior Management and Board Changes

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Exco Resources, Inc. Announces Senior Management and Board Changes

DALLAS–(BUSINESS WIRE)– EXCO Resources, Inc. (NYS: XCO) (“EXCO“) today announced that Stephen F. Smith has decided to retire from EXCO on June 1, 2013 and has further decided not to stand for re-election to EXCO‘s Board of Directors at the 2013 annual meeting of shareholders. Mr. Smith will serve as a full-time EXCO employee until June 1, 2013 to assist with certain transition matters. Mr. Smith retired from his duties as EXCO‘s President effective February 28, 2013 and will retire from his duties as EXCO‘s Chief Financial Officer effective April 1, 2013. Following his retirement, Mr. Smith will continue to serve as a consultant to EXCO until June 1, 2016 and will remain on the Board of Directors of the recently announced partnership with Harbinger Group Inc.

Effective February 28, 2013, Harold L. Hickey, EXCO‘s Vice President and Chief Operating Officer, has been appointed to replace Mr. Smith as EXCO‘s President and will remain EXCO‘s Chief Operating Officer. Mr. Hickey has served in various senior management roles at EXCO since he joined the company in 2001. Mr. Hickey’s transition to the role of President is a product of the thorough and deliberative management succession planning process undertaken over the last several years by EXCO‘s Board of Directors.

Effective April 1, 2013, Mark Mulhern, EXCO‘s former Chairman of the Audit Committee, has been appointed to replace Mr. Smith as EXCO‘s Chief Financial Officer. Mr. Mulhern previously served as Chief Financial Officer and Senior Vice President of Progress Energy, Inc. and managed its financial services group until July 2012.

Douglas H. Miller, EXCO‘s Chairman and Chief Executive Officer, commented, “Steve Smith is an accomplished businessman and a long-time friend. During his time at EXCO, Steve led by example, instilling an unmatched work ethic across the organization. While Steve is stepping down from EXCO‘s board of directors and as an officer, we are fortunate that he will remain actively involved with future business matters, particularly with respect to growing and managing our conventional oil and natural gas partnership.

“We are excited that Hal Hickey is taking on a new role as President of EXCO. Hal’s leadership history, organizational knowledge and operational expertise make him a natural fit as EXCO‘s new President.

“We are also excited to have Mark Mulhern join the senior management team. Mark’s extensive financial and executive leadership experience will provide widespread benefits to EXCO, particularly considering our renewed focus on acquisitions of producing oil and natural gas …read more
Source: FULL ARTICLE at DailyFinance