Summary
The Hartford Financial Services Group, Inc. (HIG) announced a revision to its commercial paper program, reducing the authorized issuance limit from $1.0 billion to $750 million. This adjustment aligns the commercial paper program with the company's recently established $750 million five-year revolving credit facility, effective June 11, 2018. The proceeds from these short-term unsecured notes are intended for general corporate purposes and the maturities are capped at 270 days. This move signifies a strategic alignment of short-term funding sources, likely aimed at optimizing liquidity management and potentially reflecting a stable outlook on the company's ability to access capital markets. Investors should note that the commercial paper notes are issued under an exemption from registration, and the current filing does not constitute an offer to sell or solicit an offer to buy any securities.
Key Highlights
- 1Reduced commercial paper issuance authorization from $1.0 billion to $750 million.
- 2The reduction aligns the commercial paper program with the new $750 million five-year revolving credit facility.
- 3The revolving credit facility became effective on June 11, 2018.
- 4Commercial paper notes have maturities not exceeding 270 days.
- 5Proceeds from commercial paper issuances will be used for general corporate purposes.
- 6The commercial paper program allows for amounts to be borrowed, repaid, and reborrowed within the $750 million limit.
- 7Notes are issued privately, exempt from Securities Act registration.