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Hartford Raises $1.95 Billion In Capital

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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.