NU Online News Service, May 20, 2003, 10:37 a.m. EDT – Hartford Financial Services Group Inc., Hartford, says it has succeeded with three previously announced public offerings.
Together, the three offerings raised a total of $1.95 billion, the company says.
Hartford brought in $1.1 billion by issuing 24.2 million shares of common stock priced at $45.50 per share.
Hartford’s stock was selling for about $50 per share earlier this year, then fell to $31.64 in March. Since then, the price has climbed back up to about $45.
Hartford also borrowed $250 million by issuing three-year notes and raised another $600 million by selling units that combine a debt security with a stock purchase contract.
Hartford will be using $150 million of the net proceeds for its life operations and the rest for its property-casualty operations, the company says.