Hartford Financial enters into $750 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, Oct. 28 – The Hartford Financial Services Group, Inc. entered on Oct. 27 into a $750 million five-year revolving credit facility with Bank of America, NA as administrative agent, according to a 424B5 filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA, Citibank, NA, U.S. Bank NA and Wells Fargo, NA acted as syndication agents with Bank of America, JPMorgan, Citigroup Global Markets Inc., U.S. Bank NA and Wells Fargo Securities, LLC as joint lead arrangers and joint bookrunners.

The new loan provides for revolving loans as well as letters of credit, with a $100 million sublimit on outstanding letters of credit.

There is a $500 million accordion.

The credit agreement will expire on Oct. 27, 2026.

Eurocurrency borrowings have an interest spread ranging from 100 basis points to 162.5 bps, based on ratings. The ratings-based commitment fee ranges from 10 bps to 25 bps.

The 8-K stated that Hartford Financial must maintain a minimum consolidated net worth of $11.25 billion. The company is also subject to a limit on consolidated total debt to consolidated total capitalization of 35%.

Based in Hartford, Conn., the Hartford Financial Services Group is a financial services holding company and parent company for the Hartford Insurance Co.

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