As previously announced, The Hartford intends, as part of its overall capital management plan, to issue, subject to market conditions and other factors, new long-term senior debt securities in an amount equal to all or a portion of the amount purchased in the Waterfall Tender Offer. However, any such offering of debt securities is expected to occur early in the second quarter of 2013, after the expiration of the Offers. The Offer to Purchase is not conditioned on any issuance of debt securities. The Offer to Purchase does not constitute an offer to sell or solicitation of an offer to purchase with respect to any debt securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or purchase would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
The Offers are described in the Offer to Purchase dated March 7, 2013 and the related Letter of Transmittal dated March 7, 2013 (together, the “Offer Documents”), previously sent to holders of the Notes.
With respect to each series of Notes in the First Tranche Dutch Auction Offer, the Second Tranche Dutch Auction Offer and the Waterfall Offer, the Reference Yield is the applicable bid-side yield on the Reference Security as determined by the Dealer Managers in accordance with standard market practice, as of 2:00 p.m., New York City time, on March 21, 2013, unless extended (such date and time, as the same may be extended, the “Price Determination Time”), as reported on the Reference Page. If such bid-side yield is not available on a timely basis on the applicable Reference Page or is manifestly erroneous, such other recognized quotation source as the Dealer Managers may select in their sole discretion.
Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase. Except as described above, the Offers are not modified by this announcement.
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