Hartford Financial Services : The Hartford Financial Services Group, Inc. Announces Receipt Of Requisite Consents For Its Consent Solicitation For The Holders Of Its 6.1% Notes Due 2041
04/12/2012| 07:50pm US/Eastern
The Hartford (NYSE: HIG) announced today that pursuant to its previously
announced solicitation of consents (the "Consent Solicitation") it has
received the requisite consents from holders of its 6.1% senior notes
due 2041 (the "Notes") to terminate the replacement capital covenant
entered into by The Hartford dated as of October 17, 2008 in connection
with the issuance by The Hartford of $1,750,000,000 aggregate principal
amount of 10% fixed-to-floating rate junior subordinated debentures due
2068. Accordingly, the revocation deadline has passed, and validly
delivered consents may not be revoked.
The consent solicitation will expire at 12:00 noon, New York City time,
on April 13, 2012, unless earlier terminated or further extended by The
Hartford in its sole discretion (the "Expiration Time"). The Hartford
has accepted all consents validly delivered and will continue to accept
all consents validly delivered by the Expiration Time. All holders who
validly deliver their consent by the Expiration Time will be eligible to
receive a consent fee of $17.50 in cash per $1,000 principal amount of
Notes for which such consent was validly delivered (the "Consent Fee").
For a complete statement of the terms and conditions of the consent
solicitation, holders of the Notes should refer to the Consent
Solicitation Statement, dated April 2, 2012, and the accompanying letter
of consent (together, the "Solicitation Documents") (in each case, as
amended or supplemented, including as amended by this press release).
Holders who have previously delivered consents need not take any further
action in order to receive the Consent Fee.
Inquiries may be addressed to the Information and Tabulation Agent for
the Consent Solicitation, Global Bondholder Services Corporation, at
Citigroup Global Markets Inc. and Goldman, Sachs & Co. are the
Solicitation Agents for the Consent Solicitation. Questions regarding
the Consent Solicitation may be directed to Citigroup Global Markets
Inc. at (800) 558-3745 and to Goldman, Sachs & Co. at (800) 828-3182.
None of The Hartford, the Information and Tabulation Agent, the
Solicitation Agents or any of their respective affiliates makes any
recommendation as to whether holders of the Notes should deliver their
consent to the proposed termination of the replacement capital covenants
pursuant to the Consent Solicitation, and no one has been authorized by
any of them to make such recommendation. Each holder of the Notes must
make its own decision as to whether to give its consent.
THIS NEWS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT
CONSTITUTE A SOLICITATION OF CONSENTS.
THE CONSENT SOLICITATION IS BEING MADE ONLY PURSUANT TO THE SOLICITATION
DOCUMENTS THAT THE INFORMATION AND TABULATION AGENT WILL DISTRIBUTE TO
HOLDERS OF THE NOTES. HOLDERS OF THE NOTES SHOULD READ CAREFULLY THE
SOLICITATION DOCUMENTS PRIOR TO MAKING ANY DECISION WITH RESPECT TO THE
CONSENT SOLICITATION, BECAUSE THOSE DOCUMENTS CONTAIN IMPORTANT
INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE
About The Hartford
The Hartford Financial Services Group Inc. (NYSE: HIG) is a leading
provider of insurance and wealth management services for millions of
consumers and businesses worldwide. The Hartford is consistently
recognized for its superior service, its sustainability efforts and as
one of the world's most ethical companies.
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 2011 Annual
Report 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.
Sabra Purtill, 860-547-8691
© Business Wire 2012