Hartford Financial Services Group Inc. has bought back all of the preferred shares it issued to the U.S. Department of Treasury under the Capital Purchase Program.
Hartford Financial, Hartford, Conn. (NYSE: HIG), says it paid $3.4 billion to the U.S. Treasury to repurchase the preferred stock, plus a final dividend payment of about $21.7 million. Hartford Financial says it funded the repurchase with proceeds from its recent equity and debt offerings, plus “available resources.”
The U.S. Treasury continues to hold warrants to purchase around 52 million shares of Hartford Financial’s common stock at an initial exercise price of $9.79 per share. The company says it does not intend to repurchase the warrants from the Treasury.