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The Hartford Announces Early Tender Results

The Hartford, together with Hartford Life, Inc. as provided below, the “Offerors”, announced today that as of the Early Tender Time, The Hartford had received tenders outlined in the table below:

Title of Notes            

Acceptance Priority Level

     

Principal Amount Outstanding

           

Percent of Amount Outstanding Tendered

     

 

CUSIP Numbers

                 

Aggregate Principal Amount Tendered

     

Dutch Auction Offers

First Tranche Dutch Auction Notes

7.300% Debentures due 2015 45068HAF3 N/A $200,000,000 $40,656,000 20.33%
6.300% Senior Notes due 2018 416515AU8 N/A $500,000,000 $213,620,000 42.72%
6.000% Senior Notes due 2019 416515AV6 N/A $500,000,000 $134,384,000 26.88%

Second Tranche Dutch Auction Notes

5.500% Senior Notes due 2016 416515AR5 N/A $300,000,000 $79,736,000 26.58%
5.375% Senior Notes due 2017 416515AT1 N/A $500,000,000 $165,944,000 33.19%
4.000% Senior Notes due 2017 416518AA6 N/A $325,000,000 $189,798,000 58.40%
4.000% Senior Notes due 2015 416515AY0 N/A $300,000,000 $139,114,000 46.37%

Waterfall Offer

Waterfall Notes

7.650% Debentures due 2027* 416592AC7 1 $148,900,000 $69,200,000 46.47%
7.375% Senior Notes due 2031* 416592AE3 2 $92,400,000 $29,022,000 31.41%
6.625% Senior Notes due 2042 416518AC2 3 $425,000,000 $247,119,000 58.15%
6.625% Senior Notes due 2040 416515BA1 4 $300,000,000 $162,170,000 54.06%
5.950% Senior Notes due 2036 416515AS3 5 $300,000,000 $54,972,000 18.32%
6.100% Senior Notes due 2041       416515AP9 6 $408,800,000 $144,658,000 35.39%

* Issued by Hartford Life, Inc.

in connection with their previously announced cash tender offers comprising:

  • an Offer (the “First Tranche Dutch Auction Offer”) to purchase up to $300 million aggregate principal amount of the First Tranche Dutch Auction Notes, each at a purchase price determined in accordance with the procedures of a modified “Dutch Auction”;
  • an Offer (the “Second Tranche Dutch Auction Offer”) to purchase up to $150 million aggregate principal amount of the Second Tranche Dutch Auction Notes, each at a purchase price determined in accordance with the procedures of a modified “Dutch Auction”; and
  • together, with Hartford Life, Inc. with respect to two series of notes issued by Hartford Life, Inc. indicated in the table above, an Offer (the “Waterfall Offer”) to purchase up to $350 million aggregate principal amount of the Waterfall Notes, each at a price determined by reference to a fixed spread above the bid-side yield on the applicable reference security and accepted in accordance with the acceptance priority level set forth in the Offer to Purchase.

Since each of the Offers was oversubscribed as of the Early Tender Time, Notes will be accepted in accordance with the acceptance priority and on a prorated basis as described in the Offer to Purchase and the Offerors will not accept for purchase any Notes tendered after the applicable Early Tender Time. The Offerors expect to settle accepted Notes on March 26, 2013.

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