|[February 20, 2014]
The Phoenix Companies, Inc. (NYSE:PNX) Announces Success of Consent Solicitation Relating to 7.45% Quarterly Interest Bonds due 2032 (CUSIP 71902E 20 8) (NYSE:PFX)
HARTFORD, Conn. --(Business Wire)--
The Phoenix Companies, Inc. (NYSE:PNX) today announced the consent of
bondholders holding the majority in principal amount of its 7.45%
Quarterly Interest Bonds due 2032 (CUSIP 71902E 20 8) (NYSE:PFX) to
amend the indenture governing the bonds and provide a related waiver.
The consents received represent approximately 72% of the outstanding
The approval of the amendments and waiver allows Phoenix to extend to
March 16, 2015 the deadline for all SEC (News - Alert) reports required to be delivered
to the bond trustee prior to that date.
"We are pleased the consent solicitation was a success and appreciate
the support of our bondholders," said James D. Wehr, president and chief
Phoenix previously said it expects to file its 2012 Form 10-K by March
31, 2014 and become a timely SEC filer with the filing of its second
quarter 2014 Form 10-Q. The extended deadline provides Phoenix with
additional flexibility for delivering certain required SEC reports to
the bond trustee.
As previously reported, Phoenix is restating historical annual and
interim GAAP financial statements. As a result, Phoenix has not yet
filed with the SEC its third quarter 2012 Form 10-Q and its subsequent
The Phoenix Companies, Inc. (NYSE:PNX) helps financial professionals
provide solutions, including income strategies and insurance protection,
to families and individuals planning for or living in retirement.
Founded as a life insurance company in 1851, Phoenix offers products and
services designed to meet financial needs in the middle income and mass
affluent markets. Its distribution subsidiary, Saybrus Partners, Inc.
offers solutions-based sales support to financial professionals and
represents Phoenix's products among key distributors, including
independent marketing organizations and brokerage general agencies.
Phoenix is headquartered in Hartford, Connecticut, nd its principal
operating subsidiary, Phoenix Life Insurance Company, has its statutory
home office in East Greenbush, New York. For more information, visit www.phoenixwm.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The foregoing contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. We
intend for these forward-looking statements to be covered by the safe
harbor provisions of the federal securities laws relating to
forward-looking statements. These forward-looking statements
include statements relating to, or representing management's beliefs
about, our future transactions, strategies, operations and financial
results, including, without limitation, our expectation to provide
information within anticipated timeframes and potential penalties that
may result from failure to timely file statutory financial statements
with state insurance regulators, and the Company's ability to satisfy
its requirements under, and maintain the listing of its shares on, the
NYSE. Such forward-looking statements often contain words such as
"will," "anticipate," "believe," "plan," "estimate," "expect," "intend,"
"is targeting," "may," "should" and other similar words or expressions.
Forward-looking statements are made based upon management's current
expectations and beliefs and are not guarantees of future performance.
Our ability to provide updated information about the restatement in
the anticipated timeframe, complete the restatement and resume a timely
filing schedule with respect to our SEC filings reflecting the
restatement is subject to a number of contingencies, including but not
limited to, whether we continue to identify errors in our consolidated
financial statements, whether existing systems and processes can be
timely updated, supplemented or replaced, and the number and complexity
of, and periods covered by, the periodic reports that we will have to
file with the SEC to reflect the restatement. Our actual business,
financial condition or results of operations may differ materially from
those suggested by forward-looking statements as a result of risks and
uncertainties which include, among others, those risks and uncertainties
described in any of our other filings with the SEC. Certain other
factors which may impact our business, financial condition or results of
operations or which may cause actual results to differ from such
forward-looking statements are discussed or included in our periodic
reports filed with the SEC and are available on our website at www.phoenixwm.com
under "Investor Relations." You are urged to carefully consider
all such factors. We do not undertake or plan to update or revise
forward-looking statements to reflect actual results, changes in plans,
assumptions, estimates or projections, or other circumstances occurring
after the date of this news release, even if such results, changes or
circumstances make it clear that any forward-looking information will
not be realized. If we make any future public statements or
disclosures which modify or impact any of the forward-looking statements
contained in or accompanying this news release, such statements or
disclosures will be deemed to modify or supersede such statements in
this news release.
[ Back To TMCnet.com's Homepage ]