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The Hartford Announces Pricing For Its Cash Tender Offers

The Hartford, together with Hartford Life, Inc. as provided below, the “Offerors”, announced today the applicable Reference Yield, Purchase Yield, Clearing Spread, Aggregate Principal Amount to be Accepted and the Full Tender Offer Consideration set forth in the table below:
 
Title of Notes  

 

CUSIP Numbers
 

Acceptance Priority Level
 

Principal Amount Outstanding
 

Aggregate Principal Amount Tendered
 

Fixed Spread (bps) (2)(3)
 

Clearing Spread (bps)
 

Reference Yield
 

Purchase Yield
 

Aggregate Principal Amount to be Accepted (1)
 

 

Full Tender Offer Consideration (2)(3)
Dutch Auction Offers                    

First Tranche Dutch Auction Notes
7.300% Debentures due 2015 45068HAF3 N/A $200,000,000 $40,656,000 N/A 45 0.250% 0.700% $33,125,000 $1,169.56
6.300% Senior Notes due 2018 416515AU8 N/A $500,000,000 $213,620,000 N/A 75 0.795% 1.545% $179,865,000 $1,226.61
6.000% Senior Notes due 2019 416515AV6 N/A $500,000,000 $134,384,000 N/A 130 0.795% 2.095% $87,010,000 $1,212.29

Second Tranche Dutch Auction Notes
5.500% Senior Notes due 2016 416515AR5 N/A $300,000,000 $79,736,000 N/A 85 0.367% 1.217% $25,076,000 $1,148.47
5.375% Senior Notes due 2017 416515AT1 N/A $500,000,000 $165,944,000 N/A 55 0.795% 1.345% $84,329,000 $1,155.26
4.000% Senior Notes due 2017 416518AA6 N/A $325,000,000 $189,798,000 N/A 75 0.795% 1.545%

$29,400,000
$1,107.52
4.000% Senior Notes due 2015 416515AY0 N/A $300,000,000 $139,114,000 N/A 65 0.250% 0.900% $11,195,000 $1,061.65
Waterfall Offer

Waterfall Notes
7.650% Debentures due 2027* 416592AC7 1 $148,900,000 $69,200,000 225 N/A 1.930% 4.180% $69,200,000 $1,369.07
7.375% Senior Notes due 2031* 416592AE3 2 $92,400,000 $29,022,000 125 N/A 3.171% 4.421% $29,022,000 $1,363.08
6.625% Senior Notes due 2042 416518AC2 3 $425,000,000 $247,119,000 140 N/A 3.171% 4.571% $247,119,000 $1,328.44
6.625% Senior Notes due 2040 416515BA1 4 $300,000,000 $162,170,000 140 N/A 3.171% 4.571% $4,659,000 $1,316.79
5.950% Senior Notes due 2036 416515AS3 5 $300,000,000 $54,972,000 140 N/A 3.171% 4.571% 0 $1,197.60
6.100% Senior Notes due 2041 416515AP9 6 $408,800,000 $144,658,000 140 N/A 3.171% 4.571% 0 $1,242.29
   

(1) Subject to rounding due to proration

(2) Per $1,000 principal amount of Notes to be accepted for purchase. We will also pay accrued and unpaid interest to, but not including, the applicable Settlement Date.

(3) Includes the applicable Early Tender Payment.

* 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” with a determined Clearing Premium of 40 bps;
  • 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” with a determined Clearing Premium of 25 bps; 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 validly tendered at or prior to the Early Tender Time 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.

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