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Debt
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Debt
10. DEBT
Senior Notes
On January 15, 2019, The Hartford repaid at maturity the $413 principal amount of its 6.0% senior notes.
In the Navigators Group acquisition, the Company assumed $265 par value 5.75% Senior notes due on October 15, 2023 with a fair value of $284 as of the acquisition date. The effective interest rate on the 5.75% Senior notes is approximately 4.00%.  Interest is payable each April 15 and October 15. The interest rate payable on the 5.75% Senior notes is subject to a tiered adjustment based on the Navigators Group’s debt rating triggering if Navigators Group's rating falls to below investment grade. The Navigators Group, at its option, can redeem the 5.75% Senior Notes at any time, in whole or in part, at a redemption price equal to the greater of 100% of the principal amount being redeemed or a make-whole amount based on a comparable maturity U.S. Treasury plus 50 basis points, plus any accrued and unpaid interest.
Shelf Registrations
On May 17, 2019, the Company filed with the Securities and Exchange Commission (the “SEC”) an automatic shelf registration statement (Registration No. 333-231592) for the potential offering and sale of debt and equity securities. The registration statement allows for the following types of securities to be offered: debt securities, junior subordinated debt securities, guarantees, preferred stock, common stock, depositary shares, warrants, stock purchase contracts, and stock purchase units. In that The Hartford is a well-known seasoned issuer, as defined in Rule 405 under the Securities Act of 1933, the registration
statement went effective immediately upon filing and The Hartford may offer and sell an unlimited amount of securities under the registration statement during the three-year life of the registration statement.
Lloyd's Letter of Credit Facilities
As a result of the acquisition of Navigators Group, The Hartford assumed three existing letter of credit facility agreements: the Club Facility, the Bilateral Facility, and the Australian Dollar Facility. Letters of credit under the Club and Bilateral Facilities are used to provide a portion of the capital requirements at Lloyd's. As of June 30, 2019, uncollateralized letters of credit with an aggregate face amount of $165 and £60 million were outstanding under the Club Facility, $8 was outstanding under the Bilateral Facility and $1 of cash collateral was posted at Lloyd's. The Bilateral Facility has unused capacity of $17 for issuance of additional letters of credit. Principally as a result of second quarter loss on reinsurance, reserve increases and other adjustments upon the acquisition, Navigators Group is not in compliance with certain financial covenants regarding tangible net worth and Funds at Lloyd’s (“FAL”) as set forth in the Club Facility and Bilateral Facility.  The Company is in discussions with the participating banks to amend the covenants, and has obtained a temporary waiver. 
As of June 30, 2019, letters of credit with an aggregate face amount of 24 Australian Dollars were outstanding under the Australian Dollar Facility,