According to a Bloomberg report released Tuesday, the New York-based hedge fund run by Phillip Falcone, Harbinger Capital Partners LLC, is looking to sell shares in Brazil-based iron ore producer Ferrous Resources Ltd. in order to raise cash for a loan repayment.
Harbinger Capital is looking to sell 19.5 percent of its 26 percent in shares to investors in order to repay a $190 million loan taken out from Jefferies Group Inc., according to loan documents obtained by Bloomberg. The loan documents also note that the fund values Ferrous Resources at $3.13 a share, or $486 million for the stake held by the Harbinger Capital Master Fund.