The Hartford commenced the debt reduction component of its previously announced capital management plan with the launch of cash tender offers for an aggregate principal amount of $800 million of senior debt.
According to a release, as part of this plan, the company expects to reduce its debt outstanding by approximately $1 billion. This includes the previously announced intent to repay 2013 and 2014 debt maturities totaling $520 million, as well as the effect of the tender offers, net of a proposed new issue of long-term senior debt securities that The Hartford intends to issue, subject to market conditions.
The Hartford intends, as part of its overall capital management plan, to issue, subject to market conditions, new long-term senior debt securities in an amount equal to all or a portion of the amount purchased or expected to be purchased in the Waterfall Tender Offer. Any such offering of debt securities, should any be effected, may occur before or after the expiration of the Offers. The Offers are not conditioned on any issuance of debt securities and are not offers to sell or solicitation of an offer to purchase such debt securities (which will be made only pursuant to a prospectus supplement and accompanying prospectus, pursuant to existing effective shelf registration statement). Each Offer is also subject to the satisfaction or waiver of certain other conditions specified in the Offer to Purchase. No Offer is conditioned on the tender of any minimum principal amount of Notes or the completion of any of the Offers.
With more than 200 years of expertise, The Hartford is a company focusing on property and casualty insurance, group benefits and mutual funds.
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