Hartford Financial to Offer $750M in Shares

If you have an extra $750 million, you’ll have just enough to sweep up all the shares Hartford Financial Services Group Inc. is going to offer for sales proceeds, company officials said Friday.

The insurance giant plans to use the cash for general corporate purposes, including the possible repurchase of outstanding debt.

The company also plans to participate in the U.S. Treasury's Capital Purchase Program. The company said it received preliminary approval to participate in the program for about $3.4 billion.

The federal program was intended to boost capital among healthy banks and insurance companies to encourage lending.

Hartford shares closed Thursday at $14.08, down 14 percent in the year to date. The stock has changed hands between $3.33 and $73.89 over the past 52 weeks.

Copyright AP - Associated Press
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