Hartford Financial Services Group is buying back $800 million of its outstanding debt as part of the Hartford insurer-wealth manager’s previously announced plan to trim its IOUs by about a billion dollars and better manage its capital.
The Hartford, and its Hartford Life Inc. unit, say they have launched a tender offer to swap cash to holders of $800 million of its senior debt. That’s on top of the $520 million in in bonds maturing in 2013 and 2014
Still, The Hartford is preparing a fresh issue of lower-priced debt, which combined with IOUs it plans to retire, will cut its overall debt load by about $1 billion, the insurer said.
