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Hartford Financial Services begins consent solicitation for 6.1% notes
By Angela McDaniels
Tacoma, Wash., April 2 - Hartford Financial Services Group, Inc. began a consent solicitation for its 6.1% senior notes due 2041, according to a company news release.
The company is soliciting consents from holders of record as of 5 p.m. ET on March 30 to terminate the replacement capital covenant it entered into in connection with its issuance of $1.75 billion principal amount of 10% fixed-to-floating-rate junior subordinated debentures due 2068.
Under the terms of the replacement capital covenant, Hartford may only repurchase, redeem or repay the debentures if a specific portion of the funds used are proceeds from the sale of equity or certain equity-like securities and if that sale took place within a specified time period prior to the repurchase, redemption or repayment. If the proposed termination becomes effective, Hartford will be able to repurchase, redeem or repay any or all of the debentures regardless of the source of the funds.
The consent solicitation will expire at 5 p.m. ET on April 10.
The proposed termination of the replacement capital covenant requires, among other conditions, the consent of the holders of at least a majority of the notes.
If the company receives the requisite consents, holders who delivered their consents by the expiration time will be eligible to receive a consent fee of $10 per $1,000 principal amount of notes.
Citigroup Global Markets Inc. (800 558-3745) and Goldman Sachs & Co. (800 828-3182) are the solicitation agents. The information and tabulation agent is Global Bondholder Services Corp. (866 540-1500).
Hartford provides insurance and wealth management services. The company is based in Hartford, Conn.
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