Company Timeline
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Q3 2009
July 2009
A majority interest in our predecessor company, Zapata Corporation, was acquired by funds affiliated with Harbinger Capital Partners. Zapata Corporation was subsequently reincorporated in Delaware under the name Harbinger Group Inc. At the time, Zapata's sole assets were cash and cash equivalents.
July 2009
Reincorporated in Delaware under the name Harbinger Group Inc.
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Q3 2010
September 2010
We entered into a Contribution and Exchange Agreement with funds affiliated with Harbinger Capital to acquire ~27.8MM shares of common stock of Spectrum Brands Holdings (NYSE: SPB), which represented at the time ~54.5% of the then outstanding Spectrum Brands stock.
September 2010
Entered into share exchange agreement to acquire ~27.8MM shares of Spectrum Brands
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Q4 2010
November 2010
In a private offering, we issued 10.625% senior secured notes with a principle amount of $350MM maturing November 15, 2015. The proceeds of the offering were held in escrow to be released upon the closing of the Spectrum Brands acquisition.
November 2010
Raised $350MM high yield senior secured notes
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Q1 2011
January 2011
We completed our acquisition of a majority interest in Spectrum Brands. Funds affiliated with Harbinger Capital contributed ~27.8MM shares of Spectrum Brands to us in exchange for ~120MM newly issued shares of our common stock. As a result of the transaction, we acquired ~54.5% of the then outstanding Spectrum Brands stock. We have since increased our ownership of Spectrum Brands. The proceeds of our 10.625% senior secured notes offering were released from escrow as part of these transactions.
February 2011
Spectrum Brands refinanced its $680MM senior secured term loan at a lower interest rate reducing its annual cash interest expense on the principle amount of $680MM by more than $20MM. Since the refinancing, Spectrum Brands has reduced the principle amount of the term loan.
March 2011
We entered into a Transfer Agreement with funds affiliated with Harbinger Capital pursuant to which we acquired the U.S. annuity and life insurance business of Old Mutual and all of the equity interest in Front Street Re.
January 2011
Spectrum Brands acquisition completed
February 2011
Spectrum Brands refinanced senior secured term loan
March 2011
Entered into Transfer Agreement to acquire Fidelity & Guaranty Life and FrontStreet Re
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Q2 2011
April 2011
We completed the acquisition of the U.S. annuity and life insurance business of Old Mutual. Under our ownership, the companies adopted a new corporate identity, Fidelity & Guaranty Life, as well as new insurance company names: Fidelity & Guaranty Life Insurance Company and Fidelity & Guaranty Life Insurance Company of New York. We purchased Fidelity & Guaranty Life for $350MM or ~39% of statutory capital.
May 2011
We completed the private offering of a sale of $280MM in aggregate of Series A Participating Convertible Preferred Stock to certain institutional investors.
June 2011
We completed another private offering of 10.625% senior secured notes with a principle amount of $150MM. These notes were offered on substantially similar terms to the notes issued in November 2010. Following this issuance, we have a total of $500MM of 10.625% senior secured notes outstanding.
May 2011
$280MM in convertible preferred stock.
June 2011
Completed $150MM “tack-on” offering of high yield senior secured notes
April 2011
Acquired 100% of Fidelity & Guaranty Life
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Q3 2011
August 2011
We completed the private offering of a sale of $120MM in aggregate of Series A-2 Participating Convertible Preferred Stock to certain institutional investors. Together with the sale in May 2011, we raised a total of $400MM in convertible preferred stock.
August 2011
Raised an additional $120MM in convertible preferred stock
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Q4 2011
December 2011
Fidelity & Guaranty Life made a dividend payment of $20MM in September 2011, followed by an additional $20MM dividend payment in December 2011.
December 2011
We expanded our asset management business by forming Salus Capital Partners, a subsidiary engaged in providing asset-based loans to entities across a variety of industries.
December 2011
Fidelity & Guaranty Life made $40MM in dividend payments in calendar year 2011
December 2011
Formation of Salus Capital Partners
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Q1 2012
January & March 2012
We hired our President, Omar Asali, and other members of our management team effective as of October 1, 2011. In March 2012, we completed the initial build-out of our senior management team by hiring our new Chief Financial Officer, Thomas Williams.
March 2012
Spectrum Brands completed the replacement of its 12% senior subordinated toggle notes with 6.75% senior unsecured notes, reducing its annual interest expense by ~$10MM and removing certain restrictive debt covenants.
March 2012
New management team transition completed
March 2012
Spectrum Brands replaced 12% senior subordinated toggle notes with 6.75% senior unsecured notes
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Q2 2012
May 2012
Spectrum Brands completed the amendment of its senior secured asset-based revolving credit facility at lower interest rates and an extended maturity.
May 2012
Spectrum Brands amended senior secured asset-based revolving credit facility