The U.S. Department of the Treasury announced a secondary public offering of 52,093,973 warrants to purchase the common stock of The Hartford Financial Services Group, Inc., Hartford, Conn.
Proceeds will provide an additional return to the American taxpayer from Treasury's investment in the Company beyond the dividend payments it received on the related preferred stock. The offering is expected to price through a modified Dutch auction.
Deutsche Bank Securities Inc. is the sole book-running manager and Aladdin Capital LLC, Cabrera Capital Markets, LLC, Lebenthal & Co., LLC, Sanford C. Bernstein & Co., LLC and SL Hare Capital, Inc. are the co-managers for this offering. The auction will be held on Sept. 21. The minimum bid price is $10.50 per warrant.