By Andrea Heisinger
Omaha, May 7 - The Hartford Financial Services Group, Inc. priced $500 million 6% senior notes due Jan. 15, 2019 on Wednesday to yield Treasuries plus 210 basis points, an informed source said.
The notes (A2/A/A+) priced at 99.878 to yield 6.013% with a make-whole redemption option of Treasuries plus 35 bps.
The notes priced on the tight end of talk of 210 bps to 215 bps over Treasuries, a source said.
Deutsche Bank Securities Inc., Goldman Sachs & Co. and Merrill Lynch, Pierce, Fenner & Smith Inc. were the bookrunners.
Co-managers were BB&T Capital Markets, Mitsubishi UFJ Securities and RBS Greenwich Capital.
Proceeds will be used to repay $125 million of pre-funding of payments for notes due in November, of which $200 million is outstanding. The remainder will be used for general corporate purposes, which may include pre-funding of payments of notes totaling $330 million.
The personal insurance and financial service products company is based in Hartford, Conn.
| Issuer: | The Hartford Financial Services Group, Inc.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2019
|
| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Co-managers: | BB&T Capital Markets, Mitsubishi UFJ Securities, RBS Greenwich Capital
|
| Coupon: | 6%
|
| Price: | 99.878
|
| Yield: | 6.013%
|
| Spread: | Treasuries plus 210 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | May 7
|
| Settlement date: | May 12
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 210 to 215 bps
|
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