The Hartford Returns U.S. Treasury Investment
March 31 2010 - 11:53AM
Business Wire
The Hartford Financial Services Group, Inc. (NYSE: HIG) today
announced that it has repurchased all of The Hartford’s preferred
shares issued to the U.S. Department of Treasury under the Capital
Purchase Program (CPP).
“We are pleased to complete our plan to return the U.S.
Treasury’s investment in The Hartford and appreciated the
opportunity to participate in CPP and the support of the government
and American taxpayers,” said Liam E. McGee, The Hartford’s
Chairman, President and Chief Executive Officer. “With the capital
raise completed and the investment repaid, we are well positioned
from both a capital and balance sheet perspective.”
The Hartford paid $3.4 billion to the U.S. Treasury to
repurchase the preferred stock, plus a final dividend payment of
about $21.7 million. The Hartford funded the repurchase with
proceeds from its recent equity and debt offerings, as well as from
available resources. The U.S. Treasury continues to hold warrants
to purchase approximately 52 million shares of The Hartford’s
common stock at an initial exercise price of $9.79 per share. The
company does not intend to repurchase the warrants from the U.S.
Treasury.
About The Hartford
Celebrating nearly 200 years, The Hartford (NYSE: HIG) is an
insurance-based financial services company that serves households,
businesses and employees by helping to protect their assets and
income from risks, and by managing wealth and retirement needs. A
Fortune 500 company, The Hartford is recognized widely for its
service expertise and as one of the world's most ethical
companies.
HIG-F
This news release shall not constitute an offer to sell or a
solicitation to buy any securities, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. We caution investors that these
forward-looking statements are not guarantees of future
performance, and actual results may differ materially. Investors
should consider the important risks and uncertainties that may
cause actual results to differ. These important risks and
uncertainties include those discussed in our Annual Report for
fiscal year 2009 on Form 10-K and the other filings we make with
the Securities and Exchange Commission. We assume no obligation to
update this release, which speaks as of the date issued.
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