Summary
The Hartford Financial Services Group, Inc. (HIG) filed an 8-K on July 14, 2008, to report a material definitive agreement. Specifically, the company entered into the First Amendment to its $2 billion Amended and Restated Competitive Advance and Revolving Credit Facility Agreement, originally dated August 9, 2007. This amendment primarily alters the terms regarding the extension of the credit facility's term. Previously, the agreement had an initial five-year term expiring in August 2012, with options for two one-year extensions exercisable in the first and second year, subject to lender consent. The amendment allows the company to exercise these two one-year extension options at any time during the initial term, still subject to the consent of the requisite percentage of lenders. This change provides The Hartford with more flexibility in managing its credit facility.
Key Highlights
- 1The Hartford entered into a First Amendment to its $2 billion credit facility agreement.
- 2The amendment was dated July 10, 2008, and filed on July 14, 2008.
- 3The original credit facility agreement was established on August 9, 2007.
- 4The amendment modifies the terms for exercising extension options on the credit facility.
- 5The company can now exercise the two one-year extension options at any time during the initial five-year term, subject to lender consent.
- 6The credit facility has a syndicate of lenders, including Bank of America, N.A. as administrative agent.