HG Vora Capital Management‘s stake in InfraREIT Inc. (NYSE:HIFR) has gone up according to a recent 13G filing with the US Securities and Exchange Commission. The fund managed by Parag Vora held 2.05 million shares of InfraREIT at the end of June, and has now climbed to 2.32 million shares or 5.3% of the company’s outstanding stock.
InfraREIT is a real estate investment trust that runs electricity delivery infrastructures assets in Texas. The company’s stock has gained 0.92%, year-to-date. For the second quarter of 2016, InfraREIT disclosed earnings per share of $0.15 and revenue of $33.79 million, compared to same EPS of $0.15 and revenue of $29.46 million, for the same period a year earlier.
Out of the 749 hedge funds followed by Insider Monkey, 16 investors reported long positions in InfraREIT (NYSE:HIFR) down by six from the previous quarter. Some of the bullish investors included Phil Gross and Robert Atchinson’s Adage Capital Management, which held a position worth around $27.39 million, Ken Griffins’ Citadel Investment Group, with a position valued at $6.64 million, John Overdeck and David Siegel’s Two Sigma Advisors, Jim Simons’ Renaissance Technologies, and Israel Englander’s Millennium Management.
Among investors who dumped InfraREIT (NYSE:HIFR) during the June quarter were Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital, which sold its position valued at the end of March at $2.35 million, and Matthew Hulsizer’s Peak6 Capital Management, which said goodbye to $563,000 worth of InfraREIT’s shares.
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Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| HG Vora Special Opportunities Master Fund, Ltd | 0 | 2,318,000 | 0 | 2,318,000 | 2,318,000 | 5.3% |
| HG Vora Capital Management | 0 | 2,318,000 | 0 | 2,318,000 | 2,318,000 | 5.3% |
| Parag Vora | 0 | 2,318,000 | 0 | 2,318,000 | 2,318,000 | 5.3% |
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Page 1 of 10 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)*
| InfraREIT, Inc. |
| (Name of Issuer) |
| Common Stock, par value $0.01 per share |
| (Title of Class of Securities) |
| 45685L100 |
| (CUSIP Number) |
| September 15, 2016 |
| (Date of Event Which Requires Filing of this Statement) |
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
| o | Rule 13d-1(b) |
| x | Rule 13d-1(c) |
| o | Rule 13d-1(d) |
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* 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 purposes of Section 18 of the Securities Exchange Act of 1934 (the “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).
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Page 2 of 10 – SEC Filing
CUSIP NO.: 45685L100
| (1) | NAME OF REPORTING PERSON: HG Vora Special Opportunities Master Fund, Ltd. |
| (2) | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) o
(b) o
| (3) | SEC USE ONLY |
| (4) | CITIZENSHIP OR PLACE OF ORGANIZATION: Cayman Islands |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
| (5) | SOLE VOTING POWER: 0 |
| (6) | SHARED VOTING POWER: 2,318,000 |
| (7) | SOLE DISPOSITIVE POWER: 0 |
| (8) | SHARED DISPOSITIVE POWER: 2,318,000 |
| (9) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 2,318,000 |
| (10) | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES o |
| (11) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 5.3% |
| (12) | TYPE OF REPORTING PERSON: OO (Cayman Islands exempted company) |
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Page 3 of 10 – SEC Filing
CUSIP NO.: 45685L100
| (1) | NAME OF REPORTING PERSON: HG Vora Capital Management, LLC |
| (2) | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) o
(b) o
| (3) | SEC USE ONLY |
| (4) | CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
| (5) | SOLE VOTING POWER: 0 |
| (6) | SHARED VOTING POWER: 2,318,000 |
| (7) | SOLE DISPOSITIVE POWER: 0 |
| (8) | SHARED DISPOSITIVE POWER: 2,318,000 |
| (9) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 2,318,000 |
| (10) | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES o |
| (11) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 5.3% |
| (12) | TYPE OF REPORTING PERSON: OO (Delaware limited liability company) |
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Page 4 of 10 – SEC Filing
CUSIP NO.: 45685L100
| (1) | NAME OF REPORTING PERSON: Parag Vora |
| (2) | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) o
(b) o
| (3) | SEC USE ONLY |
| (4) | CITIZENSHIP OR PLACE OF ORGANIZATION: USA |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
| (5) | SOLE VOTING POWER: 0 |
| (6) | SHARED VOTING POWER: 2,318,000 |
| (7) | SOLE DISPOSITIVE POWER: 0 |
| (8) | SHARED DISPOSITIVE POWER: 2,318,000 |
| (9) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 2,318,000 |
| (10) | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES o |
| (11) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 5.3% |
| (12) | TYPE OF REPORTING PERSON: IN |
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Page 5 of 10 – SEC Filing
| Item 1. | (a) | Name of Issuer |
| InfraREIT, Inc. (the “Issuer”) |
| (b) | Address of principal executive offices |
| 1807 Ross Avenue, 4th Floor |
| Dallas, Texas 75201 |
| Item 2. | (a) | Name of Person Filing |
| This statement is filed by: |
| (i) | HG Vora Special Opportunities Master Fund, Ltd., a Cayman Islands exempted company (the “Fund”); |
| (ii) | HG Vora Capital Management, LLC, a Delaware limited liability company (the “Investment Manager”); and |
| (iii) | Parag Vora, an individual (“Mr. Vora”). |
The foregoing persons hereinafter sometimes are collectively referred to as the “Reporting Persons”. Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The Reporting Persons’ agreement in writing to file this statement on behalf of each of them is attached as Exhibit 1 hereto.
| (b) | Address of principal executive offices |
The business office address of the Fund is 89 Nexus Way, Camana Bay, Grand Cayman KY1-9007, Cayman Islands, and the business office address of the Investment Manager and Mr. Vora is 330 Madison Avenue, 23rd Floor, New York, NY 10017.
| (c) | Citizenship |
The Fund is a Cayman Islands exempted company, the Investment Manager is a Delaware limited liability company, and Mr. Vora is a United States citizen.
| (d) | Title of Class of Securities |
Common Stock, $0.01 par value per share (the “Common Stock”).
| (e) | CUSIP Number |
| 45685L100 |
| Item 3. | Not applicable. |
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Page 6 of 10 – SEC Filing
| Item 4. | Ownership. |
| A. | HG Vora Special Opportunities Master Fund, Ltd. |
| (a) | Amount beneficially owned: |
As of September 26, 2016, directly owned: 2,318,000 shares of Common Stock.
| (b) | Percent of class: |
5.3%. The percentages used herein and in the balance of this Item 4 are rounded to the nearest tenth and based on 43,764,471 shares of the Issuer’s Common Stock outstanding as of July 29, 2016, according to the Issuer’s 10Q filed on August 3, 2016.
| (c) | Number of shares as to which the person has: |
| (i) | Sole power to vote or to direct the vote: 0 |
| (ii) | Shared power to vote or to direct the vote: 2,318,000 |
| (iii) | Sole power to dispose or to direct the disposition of: 0 |
| (iv) | Shared power to dispose or to direct the disposition of: 2,318,000 |
| B. | HG Vora Capital Management, LLC |
| (a) | Amount beneficially owned: |
As of September 26, 2016, may be deemed to have beneficially owned: 2,318,000 shares of Common Stock.
| (b) | Percent of class: |
5.3%.
| (c) | Number of shares as to which the person has: |
| (i) | Sole power to vote or to direct the vote: 0 |
| (ii) | Shared power to vote or to direct the vote: 2,318,000 |
| (iii) | Sole power to dispose or to direct the disposition of: 0 |
| (iv) | Shared power to dispose or to direct the disposition of: 2,318,000 |
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Page 7 of 10 – SEC Filing
| C. | Parag Vora |
| (a) | Amount beneficially owned: |
As of September 26, 2016, may be deemed to have beneficially owned: 2,318,000 shares of Common Stock.
| (b) | Percent of class: |
| 5.3%. |
| (c) | Number of shares as to which the person has: |
| (i) | Sole power to vote or to direct the vote: 0 |
| (ii) | Shared power to vote or to direct the vote: 2,318,000 |
| (iii) | Sole power to dispose or to direct the disposition of: 0 |
| (iv) | Shared power to dispose or to direct the disposition of: 2,318,000 |
| Item 5. | Ownership of Five Percent or Less of a Class. |
If this statement is being filed to report the fact that as of the date hereof, the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities, check the following o.
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person. |
Not applicable.
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. |
Not applicable.
| Item 8. | Identification and Classification of Members of the Group. |
Not applicable.
| Item 9. | Notice of Dissolution of Group. |
Not applicable.
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Page 8 of 10 – SEC Filing
| Item 10. | Certification. |
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
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Page 9 of 10 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
September 26, 2016
| HG VORA SPECIAL OPPORTUNITIES MASTER FUND, LTD. | ||
| By: | /s/ Parag Vora | |
| Name: | Parag Vora | |
| Title: | Director | |
| HG VORA CAPITAL MANAGEMENT, LLC | ||
| By: | /s/ Parag Vora | |
| Name: | Parag Vora | |
| Title: | Managing Member | |
| PARAG VORA | ||
| /s/ Parag Vora | ||
| Parag Vora | ||
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Page 10 of 10 – SEC Filing
Exhibit 1
The undersigned parties hereby agree that the Schedule 13G filed herewith (and any amendments thereto) relating to the Common Stock of Pinnacle Entertainment, Inc., is being filed jointly on behalf of each of them with the Securities and Exchange Commission pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended.
| HG VORA SPECIAL OPPORTUNITIES MASTER FUND, LTD. | ||
| By: | /s/ Parag Vora | |
| Name: | Parag Vora | |
| Title: | Director | |
| HG VORA CAPITAL MANAGEMENT, LLC | ||
| By: | /s/ Parag Vora | |
| Name: | Parag Vora | |
| Title: | Managing Member | |
| PARAG VORA | ||
| /s/ Parag Vora | ||
| Parag Vora | ||
Page 10 of 10
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