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March 23, 2010 at 08:00 PM
Hartford Financial Services Group Inc. (NYSE:HIG) says it has completed the previously announced stock and debt offerings it is using to get out of the U.S. Treasury’s Capital Purchase Program.
Hartford Financial, Hartford, borrowed $3.4 billion in 2009 from the CPP, which is part of the Troubled Asset Relief Program.
To pay back the CPP obligations, Hartford has sold:
- About 60 million shares of common stock.
- 23 million “depositary shares,” which each represent a 1/40th interest in a share of Hartford’s 7.25% Mandatory Convertible Preferred Stock, Series F.
- $1.1 billion of senior notes, including $300 million in 4.00% senior notes due 2015, $500 million in 5.50% senior notes due 2020, and $300 million in 6.625% senior notes due 2040.
