Hartford Financial Services Group Inc (NYSE:HIG) said it will offer shares and preferred stock, as the insurer seeks to repay $3.4 billion of funds it received under the U.S. Treasury's Capital Purchase Program. Hartford Financial trades on the “New York Stock Exchange” under the stock symbol “HIG”. For the Latest information regarding “HIG”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Hartford Financial Services Group Inc (NYSE:HIG) said it will offer shares and preferred stock, as the insurer seeks to repay $3.4 billion of funds it received under the U.S. Treasury's Capital Purchase Program. The company said it will offer $1.45 billion of common stock and $500 million of mandatory convertible preferred stock, and will also pre-fund the repurchase of its senior debt by issuing an additional $675 million of senior notes.
However, Hartford does not intend to repurchase 52 million share warrants that the Treasury holds. Hartford, which was hit hard by the financial crisis, received a $3.4 billion government bailout last year to help it shore up capital after hefty market losses.
Hartford shares closed at $27.26 Tuesday on the New York Stock Exchange. They traded as low as $6.10 last March after the company suffered massive losses on stock market-linked annuities and investments.
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