The U.S. Department of the Treasury proudly announced today that it expects to make $706.3 million from the sale of warrants to purchase shares of The Hartford Financial Services Group.
“These proceeds 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 Treasury said. Thanks, Hartford! Pleasure doing business with you.
Treasury priced the warrants at $13.70 each, and was looking to sell 52 million of them. In April, Hartford repaid $3.4 billion in TARP funds it owed to the government.