Centerbridge Boosts HCI Group Stake to 5%

TL;DR

Centerbridge now owns 5% of HCI Group after filing an amendment on 3/15/24.

AI Summary

On March 15, 2024, Centerbridge Special Credit Partners III-Flex, L.P. filed an amendment to its Schedule 13D, reporting a change in beneficial ownership of HCI Group, Inc. The filing indicates that Centerbridge Special Credit Partners III-Flex, L.P. now beneficially owns 1,900,000 shares of common stock, representing approximately 5.0% of the outstanding shares. This filing is an amendment to a previous filing made on February 29, 2024.

Why It Matters

This filing signals increased interest from a significant investment firm in HCI Group, potentially influencing future strategic decisions or stock performance.

Risk Assessment

Risk Level: medium — Significant stake increases by investment firms can lead to volatility and potential activist involvement.

Key Numbers

• 1,900,000 — Shares Owned (Beneficial ownership by Centerbridge Special Credit Partners III-Flex, L.P.)
• 5.0% — Ownership Stake (Percentage of HCI Group, Inc. common stock held)

Key Players & Entities

• Centerbridge Special Credit Partners III-Flex, L.P. (company) — Filing entity
• HCI Group, Inc. (company) — Subject company
• 1,900,000 (dollar_amount) — Number of shares beneficially owned
• 5.0% (dollar_amount) — Percentage of outstanding shares
• March 15, 2024 (date) — Filing date
• February 29, 2024 (date) — Previous filing date

FAQ

Key Financial Figures

• $111.4572 — mmon Stock, respectively, at a price of $111.4572 and $113.0554 per share, respectively,
• $113.0554 — spectively, at a price of $111.4572 and $113.0554 per share, respectively, which are expe
• $7.6 m — or the aggregate price of approximately $7.6 million, each pursuant to a brokers trans
• $111.000 — mmon Stock, respectively, at a price of $111.000 and $111.0632 per share, respectively,
• $111.0632 — espectively, at a price of $111.000 and $111.0632 per share, respectively, which are sche
• $3.4 m — or the aggregate price of approximately $3.4 million, each pursuant to a brokers trans

Filing Documents

• d762049dsc13da.htm (SC 13D/A) — 94KB
• 0001193125-24-069437.txt ( ) — 96KB

of Amendment No. 2 is hereby amended and supplemented as follows

Item 4 of Amendment No. 2 is hereby amended and supplemented as follows: On March 11, 2024, CB Snowbird exercised 300,000 Warrants on a cashless basis for 155,049 shares of Common Stock, which were delivered on March 13, 2024. Item5. Interest in Securities of the Issuer. Items 5(a), (c) and (e) of Amendment No. 2 is hereby amended and restated as follows: (a) As described in Item 4, as of the close of business on March 15, 2024, the Reporting Persons may be deemed the beneficial owners of an aggregate of 498,918 shares of Common Stock issuable upon the exercise of the Warrant, representing approximately 4.76% of the Common Stock. The aggregate percentage of Common Stock beneficially owned by the Reporting Persons is based upon 9,979,720 shares of Common Stock of the Issuer outstanding as of March 1, 2024, based on the Issuers Annual Report on Form 10-K, filed on March 8, 2024. (c) On March 13 and March 14, 2024, CB Snowbird placed two sale orders of 54,845 and 13,088 shares of Common Stock, respectively, at a price of $111.4572 and $113.0554 per share, respectively, which are expected to close on March 18, 2024, for the aggregate price of approximately $7.6 million, each pursuant to a brokers transactions (the March 13 and 14 Sales ). On March 14, 2024, CB Snowbird placed two sale orders of 15,000 and 15,600 shares of Common Stock, respectively, at a price of $111.000 and $111.0632 per share, respectively, which are scheduled to close on March 18, 2024, for the aggregate price of approximately $3.4 million, each pursuant to a brokers transactions (the March 15 Sales and, together with the March 13 and 14 Sales, the Transactions ). Except as otherwise set forth in Item 4 of this Schedule 13D, none of the Reporting Persons has effected any transaction in Common Stock since the filing of Amendment No. 1. (e) Giving effect to the Transactions, as of March 15, 2024, the Reporting Persons ceased to be the beneficial owners of more than five percent of the I

View Full Filing

View this SC 13D/A filing on SEC EDGAR