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Hartford Launches Capital-Raising Effort

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NU Online News Service, May 14, 2003, 3:59 p.m. EDT – Hartford Financial Services Group Inc., Hartford, has officially announced plans to raise $1.85 billion by issuing $250 million in debt securities, 21.8 million shares of common stock with a value of $1 billion, and 12 million equity units based on common stock purchase contracts.

The equity units, which have a stated value of $50 each, will have a total value of $600 million, Hartford says.

Hartford hopes to complete the offerings by May 31.

The first of the co-lead underwriters listed for the stock and equity unit offerings is Goldman, Sachs & Company Inc., New York.

The co-lead underwriters for the debt offering are units of Bank of America Corp., Charlotte, N.C., and Wachovia Corp., Charlotte, N.C.

Hartford told investors about the capital-raising efforts Monday, when it warned that it expected to post a $1.4 billion net loss for the quarter because of a big increase in reserves for future asbestos claims.

Hartford has the authority to make the offerings under a previously filed registration statement, the company says.


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