Summary
The Hartford Financial Services Group, Inc. (HIG) filed an 8-K on May 12, 2008, to report on the closing of a significant debt offering. The company successfully issued $500 million in aggregate principal amount of 6.000% Senior Notes due January 15, 2019. This offering was executed through a Pricing Agreement and an Underwriting Agreement with a syndicate of underwriters led by Deutsche Bank Securities Inc., Goldman, Sachs & Co., and Merrill Lynch, Pierce, Fenner & Smith Incorporated. The notes were sold at a discount of 0.65% to the underwriters, who then offered them to the public. The issuance is governed by an indenture dated April 11, 2007, with The Bank of New York Trust Company, N.A. as Trustee. The filing also details customary representations, warranties, covenants, and indemnification provisions typical for such debt issuances. This transaction indicates The Hartford's strategy to raise capital, likely to support its ongoing operations and growth initiatives.
Key Highlights
- 1The Hartford Financial Services Group, Inc. completed a $500 million offering of 6.000% Senior Notes due January 15, 2019.
- 2The offering closed on May 12, 2008.
- 3The notes were issued under The Hartford's existing registration statement on Form S-3.
- 4The underwriting syndicate was led by Deutsche Bank Securities Inc., Goldman, Sachs & Co., and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
- 5The company sold the notes to underwriters at a discount of 0.65%.
- 6Standard representations, warranties, covenants, and indemnification clauses are part of the underwriting agreements.
- 7The issuance was made pursuant to an indenture with The Bank of New York Trust Company, N.A. as Trustee.