Securities and Exchange Commission
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 22, 2003
The Phoenix Companies, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware 1-16517 06-0493340
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(State or Other Jurisdiction of (Commission File Number) (IRS Employer Identification No.)
Incorporation)
One American Row, Hartford, CT 06102-5056
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (860) 403-5000
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NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 9. REGULATION FD DISCLOSURE
On December 22, 2003, The Phoenix Companies, Inc. closed on a new
$150.0 million unfunded, unsecured senior revolving credit facility to replace
its $100 million credit facility, which expired on that date. This new facility
consists of two tranches: a $112.5 million, 364-day revolving credit facility
and a $37.5 million 3-year revolving credit facility. Under the 364-day
facility, Phoenix has the ability to extend the maturity date of any outstanding
borrowings for one year from the termination date. Potential borrowers on the
new credit line are The Phoenix Companies, Inc., Phoenix Life Insurance Company
and Phoenix Investment Partners, Ltd. Financial covenants require the
maintenance at all times of: consolidated stockholders' equity of $1,775.0
million, stepping up by 50% of quarterly positive net income and 100% of equity
issuances; a maximum consolidated debt-to-capital ratio of 30%; a minimum
consolidated fixed charge coverage ratio (as defined in the credit agreement) of
1.25:1; and, for Phoenix Life Insurance Company, a minimum risk-based capital
ratio of 250% and a minimum A.M. Best Financial Strength Rating of A-. Fleet
Securities, Inc. and Wachovia Securities, LLC. were Co-Lead Arrangers of the new
facility.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE PHOENIX COMPANIES, INC.
Date: December 23, 2003 By: /s/ Carole A. Masters
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Name: Carole A. Masters
Title: Vice President
