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The Hartford Raises $900 Million in Equity Offering

The Hartford Financial Services Group, Inc. (NYSE: HIG) announced on August 6 that it increased the size of and completed its discretionary equity issuance plan...
August 12, 2009

The Hartford Financial Services Group, Inc. (NYSE: HIG) announced on August 6 that it increased the size of and completed its discretionary equity issuance plan announced on June 12, 2009. The company sold 56,108,703 shares of common stock under the plan at an average price of $16.03, for total gross proceeds of $900 million. The Hartford intends to use the net proceeds from the program for general corporate purposes, including the possible repurchase of outstanding debt.

"We are pleased to have successfully completed the company's discretionary equity issuance plan shortly after announcing our second quarter results," said Ramani Ayer, chairman and chief executive officer of The Hartford. "We saw strong demand from a broad range of investors, enabling us to increase the offering by $150 million to $900 million. This is an important indication that investors believe The Hartford has the strategy for building shareholder value and that we are on the path toward strengthening our long term financial position."

The Hartford Completes Discretionary Equity Issuance Plan (The Hartford 8/6/09)

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