0000902664-15-004324.txt : 20151119 0000902664-15-004324.hdr.sgml : 20151119 20151119085752 ACCESSION NUMBER: 0000902664-15-004324 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20151119 DATE AS OF CHANGE: 20151119 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: HC2 Holdings, Inc. CENTRAL INDEX KEY: 0001006837 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 541708481 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-47735 FILM NUMBER: 151242706 BUSINESS ADDRESS: STREET 1: 505 HUNTMAR PARK DRIVE STREET 2: #325 CITY: HERNDON STATE: VA ZIP: 20170 BUSINESS PHONE: 703-456-4100 MAIL ADDRESS: STREET 1: 505 HUNTMAR PARK DRIVE STREET 2: #325 CITY: HERNDON STATE: VA ZIP: 20170 FORMER COMPANY: FORMER CONFORMED NAME: PTGi HOLDING, INC. DATE OF NAME CHANGE: 20131108 FORMER COMPANY: FORMER CONFORMED NAME: PRIMUS TELECOMMUNICATIONS GROUP INC DATE OF NAME CHANGE: 19960814 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Hudson Bay Credit Management LLC CENTRAL INDEX KEY: 0001610030 IRS NUMBER: 464250093 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: BUSINESS PHONE: (646) 825-2155 MAIL ADDRESS: STREET 1: 777 THIRD AVENUE, 30TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 p15-2220sc13da.htm HC2 HOLDINGS, INC.

SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  
   
SCHEDULE 13D/A
 
Under the Securities Exchange Act of 1934
(Amendment No. 6)*
 

HC2 Holdings, Inc.

(Name of Issuer)
 

Common Stock, $0.001 par value per share

(Title of Class of Securities)
 

404139107

(CUSIP Number)
 
Scott Black
General Counsel and Chief Compliance Officer
Hudson Bay Capital Management LP
777 Third Ave., 30th Floor
New York, NY 10017
(646) 825-2155
 
with a copy to:
 
Eleazer N. Klein, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10022

(212) 756-2000

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 

November 18, 2015

(Date of Event Which Requires Filing of This Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. [ ] 

(Page 1 of 8 Pages)

______________________________

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 404139107SCHEDULE 13D/APage 2 of 8 Pages

 

1

NAME OF REPORTING PERSON

Hudson Bay Credit Management LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

3,087,615

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

3,087,615

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

3,087,615

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

8.3%

14

TYPE OF REPORTING PERSON

IA

         

 

CUSIP No. 404139107SCHEDULE 13D/APage 3 of 8 Pages

 

1

NAME OF REPORTING PERSON

Hudson Bay Capital Management LP

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

3,087,615

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

3,087,615

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

3,087,615

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

8.3%

14

TYPE OF REPORTING PERSON

IA

         

 

CUSIP No. 404139107SCHEDULE 13D/APage 4 of 8 Pages

 

1

NAME OF REPORTING PERSON

Sander Gerber

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

SOURCE OF FUNDS

AF

5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨
6

CITIZENSHIP OR PLACE OF ORGANIZATION

United States

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
7

SOLE VOTING POWER

-0-

8

SHARED VOTING POWER

3,087,615

9

SOLE DISPOSITIVE POWER

-0-

10

SHARED DISPOSITIVE POWER

3,087,615

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

3,087,615

12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

8.3%

14

TYPE OF REPORTING PERSON

IN

         

 

CUSIP No. 404139107SCHEDULE 13D/APage 5 of 8 Pages

This Amendment No. 6 ("Amendment No. 6") amends and supplements the statement on Schedule 13D filed with the Securities and Exchange Commission (the "SEC") on June 9, 2014 (the "Original Schedule 13D"), as amended by Amendment No. 1 filed with the SEC on September 25, 2014 ("Amendment No. 1"), Amendment No. 2 filed with the SEC on August 14, 2015 ("Amendment No. 2"), Amendment No. 3 filed with the SEC on October 13, 2015 ("Amendment No. 3"), Amendment No. 4 filed with the SEC on October 20, 2015 ("Amendment No.4") and Amendment No. 5 filed with the SEC on November 10, 2015 ("Amendment No. 5" and together with the Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4 and this Amendment No. 6, the "Schedule 13D") with respect to the shares of Common Stock, $0.001 par value per share (the "Common Stock"), of HC2 Holdings, Inc., a Delaware corporation (the "Company"). Capitalized terms used herein and not otherwise defined in this Amendment No. 6 have the meanings set forth in the Schedule 13D. This Amendment No. 6 amends Items 3, 4 and 5 as set forth below.

 

Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
  Item 3 of the Schedule 13D is hereby amended and restated as follows:
   
  Funds for the purchase of the Common Stock and Convertible Preferred Stock reported herein were derived from the working capital of HB Fund.  A total of $12,866,172.04 was paid to acquire such Common Stock and Convertible Preferred Stock.

 

Item 4. PURPOSE OF TRANSACTION
  Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:
   
  On November 18, 2015, the HB Fund mailed an additional amendment to the Form 144 mailed on October 9, 2015, as amended by the Form 144/A mailed on October 15, 2015, indicating its intention to sell up to 1,111,930 shares of Common Stock.   
   
 

Subject to applicable regulatory restrictions, market conditions and other factors, the Reporting Persons plan to sell shares of Common Stock opportunistically, but reserve the right to acquire shares of Common Stock. There can be no assurance, however, that any Reporting Person will take any such actions.

   

Item 5. INTEREST IN SECURITIES OF THE ISSUER
  Item 5 of the Schedule 13D is hereby amended and restated as follows
   
(a) See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock and percentages of the Common Stock beneficially owned by each of the Reporting Persons.  References to percentage ownerships of Common Stock in this Statement are based upon 34,044,856 shares of Common Stock consisting of (i) 25,592,356 shares of Common Stock outstanding as of October 31, 2015, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2015 filed with the SEC on November 9, 2015 and (ii) 8,452,500 shares of Company issued by the Company in a public offering, as described in the Company's Current Report on Form 8-K filed with the SEC on November 9, 2015, and assumes the conversion of the Company's Series A Convertible Participating Preferred Stock, $0.001 par value per share (the "Convertible Preferred Stock") held by the HB Fund.  The Reporting Persons may be deemed to beneficially own an aggregate of 3,087,615 shares of Common Stock (consisting of (i) 2,981,148 shares of Common Stock that can be acquired upon the conversion of outstanding shares of the Company's

 

 

CUSIP No. 404139107SCHEDULE 13D/APage 6 of 8 Pages
   
  shares of Convertible Preferred Stock, and (ii) 106,467 shares of Common Stock), which represents approximately 8.3% of the Company's Common Stock, calculated in accordance with Rule 13d-3 under the Act.  The shares of Convertible Preferred Stock are convertible into a number of shares of Common Stock determined by dividing the accrued value of the shares of Convertible Preferred Stock to be so converted by the conversion price in effect at the time of such conversion.  The current conversion price is $4.25 and may be adjusted from time to time.  The accrued value for each share of Convertible Preferred Stock is equal to $1,013.59 and is subject to increase in the future by the amount of any unpaid dividends on the Convertible Preferred Stock.  By virtue of the relationship described herein, the Reporting Persons may be deemed to constitute a "group" for purposes of Rule 13(d)(3) of the Act.  As a member of a group, each Reporting Person may be deemed to share voting and dispositive power with respect to, and therefore beneficially own, the shares beneficially owned by members of the group as a whole.  The filing of this Statement shall not be construed as an admission that a Reporting Person beneficially owns those shares held by any other member of the group. In addition, each Reporting Person expressly disclaims beneficial ownership of any securities reported herein except to the extent such Reporting Person actually exercises voting or dispositive power with respect to such securities.
   
(b) See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.  
   
(c) The transactions in the shares of Common Stock since the filing of Amendment No. 5 by the HB Fund, which were all in the open market, are set forth in Schedule A, and are incorporated herein by reference. The other Reporting Persons did not enter into any transactions in the shares of Common Stock within the past sixty days.
   
(d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock reported on this Schedule 13D.
   
(e) Not applicable.

 

 

CUSIP No. 404139107SCHEDULE 13D/APage 7 of 8 Pages

SIGNATURES

After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: November 19, 2015

 

 
 
HUDSON BAY CREDIT MANAGEMENT LLC
 
By: /s/ Sander Gerber
Name: Sander Gerber
Title:   Authorized Signatory
 
 
HUDSON BAY CAPITAL MANAGEMENT, L.P.
 
By: /s/ Sander Gerber
Name: Sander Gerber
Title:   Authorized Signatory
 
 
/s/ Sander Gerber
SANDER GERBER

 

CUSIP No. 404139107SCHEDULE 13D/APage 8 of 8 Pages

Schedule A

This Schedule sets forth information with respect to each purchase and sale of shares of Common Stock which were effectuated by the HB Fund since the filing of Amendment No. 5. All transactions were effectuated in the open market through a broker.

 

 

Trade Date Shares Purchased (Sold) Price Per Share ($)*
     
11/12/2015 (11,900) 6.9238
11/13/2015 (26,342) 6.7352
11/16/2015 (74,358) 6.542
11/17/2015 (29,933)

6.2526

     
     
     
     
     
     
     
     
     
     
     

 

* Excluding commissions.