- Q 3 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.
- Q3 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.
- Q4 2010
- Q1 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.
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.
- Q2 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.
We completed the private offering of a sale of $280MM in aggregate of Series A Participating Convertible Preferred Stock to certain institutional investors.
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.
- Q3 2011
- Q4 2011
- Q1 2012
- Q2 2012
- Q4 2012
We announced the signing of a joint venture transaction with EXCO Resources, Inc. to create a private oil and gas limited partnership that will purchase and operate EXCO’s producing U.S. conventional oil and gas assets, for a total consideration of $725 million. This transaction will further diversify HRG by establishing a new energy operating business and is expected to add stable and reliable revenue and cash flow streams.
HRG completed two significant corporate transactions in December 2012. The first was a secondary offering by our largest and affiliated shareholder for 20 million shares. This transaction increased HRG’s float and further diversified our investor base. Additionally, we successfully replaced $500MM of 10.625% notes due November 15, 2015 with $700MM of 7.875% notes due July 15, 2019. This transaction lowered our cost of capital, extended our maturities, provided HRG with increased financial flexibility, and raised additional “dry powder” to further pursue our business objectives.
Spectrum Brands completed the acquisition of the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker. HHI is a major manufacturer and supplier of residential locksets, residential builders’ hardware and faucets with #1 positions in key North American markets and a portfolio of renowned brands.
- Q1 2013
We closed on the joint venture with EXCO Resources and established a new energy operating partnership that purchased and will operate EXCO’s conventional oil and natural gas assets in West Texas and East Texas and North Louisiana. We also announced that the new partnership signed an agreement to acquire conventional oil and natural gas assets from an affiliate of BG Group for $132.5 million.
- Q4 2013
In December 2013 FGL completed its initial public offering of ~11.2 million shares of common stock at a price to the public of $17 per share. The shares began trading on the NYSE on December 13, 2013 under the ticker symbol “FGL”.
Front Street Cayman closed an inaugural third party reinsurance treaty with Bankers Life Insurance Company. Under the terms of the treaty, Bankers Life Insurance Company will cede $160 million of its annuity business to Front Street Cayman.
- Q4 2014
Acquired the remaining interest in Compass Production Partners, LP