The Hartford (NYSE: HIG) announced today that it has amended its pending
solicitation of consents (the “Consent Solicitation”) from holders of
its 6.1% senior notes due 2041 (the “Notes”) to extend the expiration
time from 5 p.m., New York City time, on April 10, 2012 to 5 p.m., New
York City time, on April 11, 2012, unless earlier terminated or further
extended by The Hartford in its sole discretion (the “Expiration Time”).
If The Hartford accepts valid consents of holders of at least a majority
in aggregate principal amount of the Notes (the “Requisite Consents”),
holders who validly deliver their consent by the Expiration Time will be
eligible to receive a consent fee of $10.00 in cash per $1,000 principal
amount of Notes for which such consent was validly delivered (and not
validly revoked) (the “Consent Fee”).
The purpose of the Consent Solicitation is to terminate the replacement
capital covenant entered into by The Hartford dated as of October 17,
2008 in connection with the issuance by The Hartford of $1,750,000,000
aggregate principal amount of 10% fixed-to-floating rate junior
subordinated debentures due 2068. The proposed termination of the
replacement capital covenant requires, among other conditions, the
consent of the holders of Notes representing at least a majority in
aggregate principal amount.
For a complete statement of the terms and conditions of the Consent
Solicitation, holders of the Notes should refer to the Consent
Solicitation Statement, dated April 2, 2012, and the accompanying letter
of consent (together, the “Solicitation Documents”) (in each case, as
amended or supplemented, including as amended by this press release).