Company Timeline

Company Timeline

  • Q 3 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.

  • 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

  • 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

  • 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.

    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

    March 2011

    Entered into Transfer Agreement to acquire Fidelity & Guaranty Life and FrontStreet Re

  • 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

    Raised $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

  • 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

  • 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

     
  • 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.

  • Q2 2012

    May 2012

    Spectrum Brands completed another amendment of its senior secured asset-based revolving credit facility at lower interest rates and an extended maturity.

  • Q4 2012

    November 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.

    December 2012

    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.

    December 2012

    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.

    November 2012

    Announced joint venture transaction with EXCO Resources

    December 2012

    Refinanced senior secured notes and completed a secondary offering by our largest and affiliated shareholder for 20 million shares.

    December 2012

    Spectrum Brands completed the acquisition of Stanley Black & Decker’s Hardware & Home Improvement Group

  • Q1 2013

    February 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.

    February 2013

    Closed on the previously announced joint venture with EXCO Resources and launched new energy operating business

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  • July 2013

    Completed $225MM "tack-on" offering of high yield senior notes August 2013

    HRG Commenced $50m share repurchase program

  • Q4 2013

    December 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”.

    December 2013

    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.

    December
    2013

    FGL completed successful partial IPO

    December
    2013

    FSR closed inaugural third party $160MM reinsurance treaty with Bankers Life Insurance Company

  • January
    2014

    Completed successful raise of $200 million unsecured notes. The notes were priced at 100% of par with a coupon of 7.750%

  • May 2014

    Completed conversion of preferred stock into common

    Announced $100 million common stock buyback program

    Completed a debt exchange offer, reducing senior secured debt to ~$604 million by issuing $350 million of senior notes

  • June 2014

    The EXCO/HGI Partnership rebranded as Compass Production GP, LLC

    September 2014

    Completed successful raise of $200 million unsecured notes

  • Q4 2014

    October 2014

    Acquired the remaining interest in Compass Production Partners, LP

  • March 2015

    Rebrand to HRG Group, Inc. completed

  • April/May 2015

    Completed successful raise of $260M in secured notes and $140M unsecured notes in tack-on transactions

    May2015

    Spectrum Brands acquires Armored AutoGroup

  • October 2015

    Compass monetizes certain assets for $160 million in cash

  • August 2016

    Sale of interest in Compass completed

  • May 2017

    CF Corporation signs definitive merger agreement with HRG subsidiary, Fidelity & Guarantee Life

  • Q4 2017

    November 2017

    CF Corporation completes acquisition of HRG subsidiary, Fidelity & Guaranty Life

  • February 2018

    HRG enters into definitive merger agreement with its subsidiary, Spectrum Brands Holdings.