The Hartford Announces Closing of $500 Million Senior Notes Offering
March 15 2018 - 12:49PM
Business Wire
The Hartford today announced the closing of an offering of $500
million of 4.4 percent senior notes due 2048.
“We are pleased with the results of the offering and with the
interest it has garnered in the market,” said The Hartford’s Chief
Financial Officer Beth Bombara. “We intend to use the net proceeds
to repay $320 million in senior notes maturing on March 15, 2018,
and for general corporate purposes. The offering is consistent with
our previously announced long-term debt management plans.”
The Hartford’s plans, which also include a previously announced
intent to call $500 million junior subordinated debt at par in June
2018 and to repay a $413 million debt maturity in 2019, are
expected to reduce leverage over time. In addition, The Hartford is
in the process of amending and extending its revolving credit
facility, with a reduction in the size of the facility from $1
billion to $750 million. The reduction in size of the facility and
the extension of the facility through March 2023 are subject to,
and would be effective upon, the closing of the sale of Talcott
Resolution.
Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner
& Smith Incorporated acted as joint book-running managers for
the offering of senior notes.
About The Hartford
The Hartford is a leader in property and casualty insurance,
group benefits and mutual funds. With more than 200 years of
expertise, The Hartford is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at https://www.thehartford.com. Follow us on Twitter
at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG)
operates through its subsidiaries under the brand name, The
Hartford, and is headquartered in Hartford, Conn. For additional
details, please read The Hartford’s legal notice.
HIG-F
SAFE HARBOR STATEMENT
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be
identified by words such as “anticipates,” “intends,” “plans,”
“seeks,” “believes,” “estimates,” “expects,” “projects” and similar
references to the future. We caution investors that these
forward-looking statements are not guarantees of future
performance, and actual results may differ materially. Investors
should consider the important risks and uncertainties that may
cause actual results to differ. These important risks and
uncertainties include those discussed in our 2017 Annual Report on
Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the
other filings we make with the Securities and Exchange Commission.
We assume no obligation to update this release, which speaks as of
the date issued.
From time to time, The Hartford may use its website to
disseminate material company information. Financial and other
important information regarding The Hartford is routinely
accessible through and posted on our website at
https://ir.thehartford.com. In addition, you may automatically
receive email alerts and other information about The Hartford when
you enroll your email address by visiting the “Email Alerts”
section at https://ir.thehartford.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180315006019/en/
Media Contact:Matthew Sturdevant,
860-547-8664matthew.sturdevant@thehartford.comorInvestor
Contact:Sabra Purtill,
860-547-8691sabra.purtill@thehartford.com
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