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Hartford begins tender offers for 5.125% notes, Navigators 5.75% notes
By Angela McDaniels
Tacoma, Wash., Aug. 8 – Hartford Financial Services Group, Inc. began a tender offer for its $800 million 5.125% senior notes due 2022 and a separate tender offer for subsidiary Navigators Group, Inc.’s $265 million 5.75% senior notes due 2023, according to a company news release.
The tender offers will end at 5 p.m. ET on Aug. 14.
The payment for each series of notes will be determined by reference to an applicable fixed spread over the yield based on the bid-side price of an applicable Treasury security as calculated at 11 a.m. ET on Aug. 14.
For the 5.125% notes, the Treasury security is the 2.25% Treasury due April 15, 2022, and the fixed spread is 45 basis points.
For the 5.75% notes, the Treasury security is the 2.875% Treasury due Sept. 30, 2023, and the fixed spread is 50 bps.
Holders will also receive accrued interest up to but excluding the settlement date.
Each tender offer is conditioned on the receipt of enough proceeds to fund the aggregate consideration (excluding accrued interest) from one or more debt capital markets issuances by Hartford.
Neither offer is conditioned on any minimum amount of notes being tendered or the consummation of the other offer.
Assuming that one or more issuances is completed, Hartford and Navigators plan to issue notices of redemption for their respective series of notes on Aug. 19.
The dealer managers are Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-8553). The tender agent and information agent is D.F. King & Co., Inc. (800 814-8954, 212 269-5550 or hig@dfking.com).
Hartford is based in Hartford, Conn., and provides property and casualty insurance, group benefits and mutual funds.
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