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Phoenix To Sell Surplus Notes

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NU Online News Service, Dec. 7, 2004, 4:01 p.m. EST

A Hartford insurer is raising $175 million through a private placement.[@@]

The Phoenix Companies Inc. says its Phoenix Life Insurance Company unit wants to raise $175 million by selling surplus notes. The notes are scheduled to mature in 30 years.

Phoenix Life will use the net proceeds to finance a previously announced note purchase offer and will use any remaining cash for general corporate purposes, Phoenix says.