Seeks to use the net proceeds from the program for general corporate purposes
The Hartford Financial Services Group (The Hartford) has increased the size and completed its discretionary equity issuance plan that was announced on June 12, 2009.
The company sold 56.1 million shares of common stock under the plan at an average price of $16.03, for total gross proceeds of $900 million. The Hartford intends to use the net proceeds from the program for general corporate purposes, including the possible repurchase of outstanding debt.
Goldman Sachs acted as the company’s sales agent for the offering.
Ramani Ayer, chairman and CEO of The Hartford, said: “We are pleased to have successfully completed the company’s discretionary equity issuance plan shortly after announcing our second quarter results. We saw strong demand from a broad range of investors, enabling us to increase the offering by $150 million to $900 million. This is an important indication that investors believe The Hartford has the strategy for building shareholder value and that we are on the path toward strengthening our long term financial position.”