The Hartford Financial Services Group, Inc. has released a bulletin indicating that the public offerings, announced on May 14, have been completed, raising gross proceeds of approximately $1.95 billion.
“About $1.1 billion of the funds were raised from 24.2 million shares of common stock priced at $45.50 per share. In addition, $600 million was raised from 12 million equity units, each comprised of a common stock purchase contract and an interest in a debt security, with a stated amount of $50 per equity unit. Approximately $250 million was raised from three-year debt securities,” said the bulletin.
It added that the “equity units have been approved for listing on the New York Stock Exchange under the ticker symbol ‘HIG PrD.'”
The announcement also noted that the offerings had been made pursuant to an existing shelf registration. The Hartford said it “intends to contribute approximately $1.5 billion of the net proceeds from these offerings to the capital of its property-casualty operations and $150 million to the capital of its life operations,” and to use the “balance of the net proceeds for general corporate purposes, which may include contributions to its qualified pension plan and additional contributions to its subsidiaries.”
Was this article valuable?
Here are more articles you may enjoy.