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Hartford Financial Services Group Inc. | 7.25% Mandatory Convertible Preferred Stock, Series F (HIG.PRA)
This preferred is marked as having been called.
Prospectus excerpt: We are offering 20,000,000 depositary shares, each of which represents a 1/40th interest in a share of our 7.25% Mandatory Convertible Preferred Stock, Series F, with an initial liquidation preference of $1,000 per share (our Ùmandatory convertible preferred stockˆ). The shares of mandatory convertible preferred stock will be deposited with The Bank of New York Mellon, as depositary, pursuant to a deposit agreement. Holders of the depositary shares will be entitled to a proportional fractional interest in the rights and preferences of the mandatory convertible preferred stock, including conversion, dividend, liquidation and voting rights, subject to the provisions of such deposit agreement. We will pay cumulative dividends on each share of our mandatory convertible preferred stock at a rate of 7.25% per annum on the initial liquidation preference of $1,000 per share. Dividends will accrue and cumulate from the date of issuance and, to the extent that we have lawfully available funds to pay dividends and our board of directors declares a dividend payable, we will pay dividends on January 1, April 1, July 1 and October 1 of each year prior to April 1, 2013 in cash and on April 1, 2013 or any earlier conversion date in cash, shares of our common stock, par value $0.01 per share (our Ùcommon stockˆ), or a combination thereof, at our election and subject to the share cap (as defined herein). The first dividend payment, if declared, will be made on July 1, 2010, in the expected amount of $19.7361 per share of our mandatory convertible preferred stock (equivalent to $0.4934 per depositary share), which will reflect the time period from the expected date of issuance to July 1, 2010. Each share of our mandatory convertible preferred stock has a liquidation preference of $1,000 (and, correspondingly, each depositary share has a liquidation preference of $25), plus an amount equal to accrued and unpaid dividends. Each share of our mandatory convertible preferred stock will automatically convert on April 1, 2013 into between 29.536 and 36.036 shares of our common stock (respectively, the Ùminimum conversion rateˆ and Ùmaximum conversion rateˆ) (and, correspondingly, each depositary share will automatically convert into between 0.7384 and 0.9009 shares of our common stock), each subject to adjustment, depending on the average VWAP (as defined herein) per share of our common stock over the 20 trading day period ending on, and including, the third scheduled trading day prior to such date. At any time prior to March 15, 2013, a holder of 40 depositary shares may cause the depositary to convert one share of our mandatory convertible preferred stock, on such holder?s behalf, into a number of shares of our common stock equal to the minimum conversion rate, subject to adjustment, but such holder will not be entitled to accrued and unpaid dividends for the current dividend period. During a specified period in connection with a fundamental change (as defined herein), a holder of 40 depositary shares may cause the depositary to convert one share of our mandatory convertible preferred stock, on such holder?s behalf, into a number of shares of our common stock equal to the applicable fundamental change conversion rate (as defined herein). Full Prospectus PDF », Secondary Prospectus PDF », HIG Page »
Series: | F | Alternate symbology: | HIG-A, HIG-PA, HIGprA | Redeemable?: | Yes | Maturity Date: | 4/1/2013 | Cumulative?: | Yes | Conversion Ratio: | 0.7384 to 0.9009 | Conversion Price: | $27.75 to $33.857 | Shares Offered: | 20,000,000 | Overallotment: | 3,000,000 | Liquidation Preference: | $25.00 | Original Coupon: | 7.25% | Pay Period: | Quarterly | Pay Dates: | 1-Jan, 1-Apr, 1-Jul, 1-Oct | CDx3 Compliance Rating: |
Learn HIG.PRA's Rating
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Hartford Financial Services Group is a holding company. Through its subsidiaries, Co. provides property and casualty insurance, group benefits insurance and services, and mutual funds and exchange-traded products to individual and business customers in the U.S., the U.K., and other international locations. Co.'s segments include: Commercial Lines, which provides workers' compensation, property, automobile, general liability, umbrella, professional liability, bond, marine, livestock and assumed reinsurance; Personal Lines, which provides standard automobile, homeowners and personal umbrella coverages; and Hartford Funds, which provides investment products for retail and retirement accounts. Preferreds: HIG.PRA, HIG.PRG Open the HIG Information Page »
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Name: |
Hartford Financial Services Group Inc. |
Website: |
www.thehartford.com |
Sector: |
Insurance Brokers |
Number of ETFs Holding HIG: |
115 (see which ones) |
Total Market Value Held by ETFs: |
$5,235,742,356.36 |
Total Market Capitalization: |
$29,934,000,000 |
% of Market Cap. Held by ETFs: |
17.49% |
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