The U.S. Treasury Department hopes to earn $706 million for taxpayers from a previously announced sale of Hartford Financial Services Group Inc. warrants.
The Treasury Department has the warrants because of investments it made in Hartford Financial, Hartford (NYSE:HIG), through the Troubled Asset Relief Program.
The Treasury Department will be selling 52 million warrants through a secondary offering at a price of $13.70 per warrant, Hartford says in a report filed with the U.S. Securities and Exchange Commission.
The deal closing should occur on or about Sept. 27, the company says.
The offering represents the Treasury Department’s sale of its remaining investment in Hartford, the company says.