SAN FRANCISCO (MarketWatch) -- Hartford Financial Services Group Inc. /quotes/comstock/13*!hig/quotes/nls/hig (HIG 12.05, +0.06, +0.50%) said Friday it received $3.4 billion in funds from the U.S. Treasury's Troubled Asset Relief Program. Under its agreement with the Treasury, Hartford sold non-voting senior preferred shares with a 5% annual dividend for the first five years and 9% dividend thereafter. Treasury also received warrants to buy common stock equal to 15% of the preferred investment, or $510 million. The exercise price of the warrants is $9.79 a share, Hartford said.
Source: marketwatch.com
Monday, June 29, 2009
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