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Hartford Financial gets needed consents from holders of 6.1% notes
By Angela McDaniels
Tacoma, Wash., April 12 - Hartford Financial Services Group, Inc. has received consents from the holders of a majority of its 6.1% senior notes due 2041, according to a company news release.
The consent solicitation began on April 2 and will continue until noon ET on April 13.
As previously reported, 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. Once the 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 termination of the replacement capital covenant required, among other conditions, the consent of the holders of at least a majority of the notes.
Holders who deliver their consents by the expiration time will be eligible to receive a consent fee of $17.50 per $1,000 principal amount of notes.
Previously, the company increased the consent fee from $10.00 and extended the solicitation from 5 p.m. ET on April 11 and, prior to that, 5 p.m. ET on April 10.
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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