Davis Polk advised the administrative agent in connection with the amendment to The Hartford Financial Services Group, Inc.’s (“The Hartford”) $1 billion five-year revolving credit facility.

The amendment provides for the automatic amendment and restatement of, and extension of maturity under, the credit agreement upon and subject to certain conditions, including the sale of Hartford Life, Inc., a wholly owned subsidiary of the The Hartford. The amended and restated credit agreement will provide for revolving loans as well as for the issuance of letters of credit up to an aggregate of $750 million.

The Hartford is a holding company for a group of subsidiaries that provide property and casualty insurance, group benefits and mutual funds to individual and business customers in the United States. The Hartford is headquartered in Connecticut and its oldest subsidiary, Hartford Fire Insurance Company, dates to 1810. At December 31, 2017, total assets and total stockholders’ equity of The Hartford were $225.3 billion and $13.5 billion, respectively.

The Davis Polk finance team was led by partner Monica Holland. Counsel Jeanine P. McGuinness provided OFAC advice. Counsel Charles Shi provided executive compensation advice. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the New York, Washington DC and London offices.

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