Summary
The Hartford Financial Services Group, Inc. (HIG) filed an 8-K on April 27, 2015, to announce the early redemption of its 4.000% Senior Notes due October 15, 2017. This redemption, scheduled for May 27, 2015, involves the entire outstanding principal amount of $295.6 million. Investors holding these notes will receive approximately $320 million, which includes a make-whole premium and accrued interest. The company intends to fund this redemption using existing cash on hand. This move suggests a strategic financial decision by The Hartford, potentially aimed at optimizing its capital structure or reducing future interest expenses.
Key Highlights
- 1Announcement of early redemption of 4.000% Senior Notes due October 15, 2017.
- 2Total principal amount to be redeemed is $295,600,000.
- 3Redemption date is scheduled for May 27, 2015.
- 4Estimated redemption price is approximately $320 million.
- 5The redemption price includes a make-whole premium and accrued interest.
- 6The company plans to use cash on hand to finance the redemption.