Hartford offers $200 million non-cumulative preferreds at 6%-6.125%

By James McCandless

San Antonio, Oct. 30 – Hartford Financial Services Group, Inc. plans to price a $200 million offering of $25-par series G non-cumulative preferred stock with a dividend of 6% to 6.125%, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The deal was announced Tuesday morning.

Wells Fargo Securities, LLC, BofA Merrill Lynch and Morgan Stanley & Co. LLC are the joint bookrunners.

The preferreds are redeemable at any time prior to Nov. 15, 2023 within 90 days of a rating agency event or a regulatory capital event at $25.50 per share. The preferreds are redeemable at par beginning Nov. 15, 2023.

Hartford plans to use the proceeds for various purposes, which may include repayment of its 6% senior notes due Jan. 15, 2019, the acquisition of Navigators Group and general corporate purposes, such as interest on debt and common stockholders’ dividends.

The company plans to list the preferreds on the New York Stock Exchange under the symbol “HIGPrG.”

Hartford is a Hartford, Conn.-based insurance and financial services provider.

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