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August 06, 2009 at 08:00 PM
Strong demand helped Hartford Financial Services Group Inc. increase the size of a discretionary stock offering to $900 million, from $750 million, the company says.
The Hartford insurer says it has sold about 56 million shares at an average price of $16.03.
Hartford “intends to use the net proceeds from the program for general corporate purposes, including the possible repurchase of outstanding debt,” the company says.
Hartford, which raised $3.4 billion by selling perpetual preferred stock to the U.S. Treasury Department through the Capital Purchase Program, announced the discretionary stock issuance plan in June.
