“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.
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.