Summary
The Hartford Financial Services Group, Inc. (HIG) has filed an 8-K report on December 29, 2014, detailing a significant update to its financing strategy. The company's Board of Directors has authorized a commercial paper program, allowing the issuance of short-term unsecured notes up to an aggregate principal amount of $1.0 billion. This move aligns the commercial paper program with the company's existing $1.0 billion five-year revolving credit facility, demonstrating a coordinated approach to managing short-term liquidity needs.
Key Highlights
- 1The Hartford has established a commercial paper program with an authorized issuance limit of $1.0 billion.
- 2The commercial paper program is designed to issue short-term unsecured notes with maturities not exceeding 270 days.
- 3The issuance authorization for the commercial paper program was reduced from $2.0 billion to $1.0 billion.
- 4This reduction aligns the commercial paper program's capacity with the company's $1.0 billion five-year revolving credit facility, effective October 31, 2014.
- 5Goldman Sachs & Co. has been appointed as a dealer for the commercial paper program.
- 6Proceeds from the commercial paper issuances are intended for general corporate purposes.
- 7The commercial paper notes are being issued under exemptions from registration requirements of the Securities Act of 1933.