The Hartford (NYSE: HIG) announced today the expiration at 12:00 noon, New York City time, (the “Expiration Time”) of its solicitation of consents (the “Consent Solicitation”) from holders of its 6.1% senior notes due 2041 (the “Notes”) to terminate the replacement capital covenant entered into by The Hartford dated as of October 17, 2008 in connection with the issuance by The Hartford of $1,750,000,000 aggregate principal amount of 10% fixed-to-floating rate junior subordinated debentures due 2068 (the “Debentures”).
The Hartford has accepted all consents validly delivered by the Expiration Time. All holders who validly delivered their consent by the Expiration Time will receive a consent fee of $17.50 in cash per $1,000 in principal amount of the Notes as to which such consent was validly delivered. The Hartford intends to pay the Consent Fee to eligible holders on Monday, April 16, 2012.
The Hartford received and accepted consents from holders of at least a majority (the “Requisite Consent”) of the aggregate principal amount of all outstanding Notes. In accordance with the terms of the Consent Solicitation and the replacement capital covenant, the termination of the replacement capital covenant was effective upon acceptance by The Hartford of the Requisite Consent. With the termination of the replacement capital covenant, The Hartford expects its previously announced repurchase of the Debentures to close on April 17, 2012.
Inquiries may be addressed to the Information and Tabulation Agent for the Consent Solicitation, Global Bondholder Services Corporation, at (866) 540-1500.Citigroup Global Markets Inc. and Goldman, Sachs & Co. are the Solicitation Agents for the Consent Solicitation. Questions regarding the Consent Solicitation may be directed to Citigroup Global Markets Inc. at (800) 558-3745 and to Goldman, Sachs & Co. at (800) 828-3182. THIS NEWS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE A SOLICITATION OF CONSENTS.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV