Explanatory Note
This Amendment No. 1 (“Amendment No. 1”) to Schedule 13D relates to the Ordinary Shares (as defined below) of the Issuer (as defined below) and amends the initial statement on Schedule 13D filed on December 11, 2017 (as amended, the “Schedule 13D”). Capitalized terms used but not defined in this Amendment No. 1 shall have the same meanings ascribed to them in the Schedule 13D.
Item 1. Security and Issuer.
Item 1 of the Schedule 13D is hereby amended and restated as follows:
This Schedule 13D relates to the ordinary shares, par value of $0.0001 per share (“Ordinary Shares”), of FGL Holdings, an exempted company incorporated and existing under the laws of the Cayman Islands (“Issuer”). The principal executive offices of the Issuer are located at Boundary Hall, Cricket Square, 4th Floor, Grand Cayman, Cayman Islands.
Item 3. Source and Amount of Funds or Other Consideration
Item 3 of the Schedule 13D is hereby supplemented by the following:
On September 6, 2018, the Issuer announced an offer (the “Exchange Offer”) to exchange any and all of its outstanding Warrants for exchange consideration consisting of 0.11 Ordinary Shares and $0.98 in cash, without interest, per Warrant (the “Exchange Consideration”). The offer period closed at midnight at the end of the day on October 4, 2018. Pursuant to the Exchange Offer, CFS 1 exchanged the 6,250,000 Warrants it held for the Exchange Consideration. The Exchange Offer closed on October 9, 2018.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby amended and restated as follows:
(a) and (b) Calculations of the percentage of Ordinary Shares beneficially owned assumes that there are a total of 221,561,070 Ordinary Shares outstanding as of October 5, 2018, based on: (i) 214,370,000 Ordinary Shares outstanding as of September 5, 2018, as reported by the Issuer in its ScheduleTO-I filed on September 6, 2018, and (b) the issuance by the Issuer of 7,191,070 Ordinary Shares as Exchange Consideration in connection with the Exchange Offer, as reported by the Issuer in its ScheduleTO-I/A filed on October 5, 2018.
The aggregate number and percentage of Ordinary Shares beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Schedule 13D and are incorporated herein by reference.
As of the date hereof, 15,316,406 Ordinary Shares are directly held by CFS 1, 22,500,000 Ordinary Shares are directly held by CFS 2, 142,111 Ordinary Shares are directly held by Aiguille Fund, 4,147,302 Ordinary Shares are directly held by GSOAIV-5, 1,442,118 Ordinary Shares are directly held by GSO COFAIV-5, 50,912 Ordinary Shares are directly held by GSO D, 165,079 Ordinary Shares are directly held by GSO Alpha, 52,541 Ordinary Shares are directly held by GSO Churchill, 113,921 Ordinary Shares are directly held by GSOCredit-A, and 24,016 Ordinary Shares are directly held by GSO Harrington.
Additionally, Menes Chee, an employee of Blackstone and/or one of its affiliates and a director of the Issuer, holds 12,488 restricted stock units of the Issuer, which vest on December 31, 2018. Pursuant to arrangements between Mr. Chee and Blackstone, Mr. Chee is required to transfer to Blackstone any and all compensation received in connection with his directorship for any company Blackstone invests in or advises. Blackstone has designated Blackstone Tactical Opportunities Advisors L.L.C. (“BTOA”) as the entity to receive the securities described herein. BTOA is an indirect subsidiary of Blackstone. As such, each of Blackstone, Blackstone Group Management L.L.C. and Stephen A. Schwarzman may be deemed to beneficially own the shares beneficially owned by BTOA.