Hartford Financial Offering Preferred Shares

Insurance company Hartford Financial Services Group (NYSE:HIG) will offer a new issue of non-cumulative preferred shares.

All of the terms for a financial (Insurance) company issue are typical–non-cumulative, quarterly payments and optionally redeemable in about 5 years.

The permanent ticker will be HIG-G when the shares trade.  The OTC Grey market ticker has not yet been announced.

The company has no other outstanding preferred issues, but they do have a high yield fixed-to-floating baby bond debenture (NYSE:HGH) outstanding.

The preliminary prospectus for the new issue can be found here.

5 thoughts on “Hartford Financial Offering Preferred Shares”

  1. “We intend to use the net proceeds from this offering for various purposes, which may include repayment of our 6.000% Senior Notes due January 15, 2019, the acquisition of Navigators Group, and general corporate purposes, such as interest on debt and common stockholders’ dividends (if and when declared by our board of directors, or a duly authorized committee of the board).”

    Will be interesting to see the coupon. This leads me to believe 5.75% or less. We shall see

    1. ah, I see George posted at about the same time as me.

      Not sure what they gain by paying off 6% notes with new 6% : but it is what it is

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