Exhibit 99.1
[Logo]Phoenix
The Phoenix Companies, Inc. N E W S R E L E A S E
One American Row
PO Box 5056
Hartford CT 06102-5056
PhoenixWealthManagement.com
For Immediate Release
Contacts:
Media Relations Investor Relations
Alice S. Ericson Peter A. Hofmann
860-403-5946 860-403-7100
Phoenix Life Insurance Company Commences Tender Offer for Its 6.95% Surplus Notes
Scheduled to Mature 2006
HARTFORD, Conn., December 3, 2004 - The Phoenix Companies, Inc. (NYSE: PNX) today announced that Phoenix
Life Insurance Company, one of its principal operating subsidiaries, has commenced a cash tender offer for
all $175,000,000 outstanding principal amount of its 6.95% Surplus Notes scheduled to mature December 1,
2006 (CUSIP Numbers: 71907CAB4 and 71907CAA6).
Phoenix Life may amend, extend or, subject to certain conditions, terminate the tender offer. The
terms and conditions of the tender offer, including the conditions of Phoenix Life's obligation to accept
the notes tendered and pay the purchase price for them, are set forth in an Offer to Purchase dated
December 3, 2004. The offer is subject to a number of conditions, including, among others, that Phoenix
Life is reasonably satisfied that it will complete a new issuance of surplus notes, in an offering exempt
from registration under the Securities Act of 1933 to fund the purchase price of the notes tendered
pursuant to the offer and related costs and expenses.
The tender offer will expire at noon, New York City time, on Friday, December 10, 2004, unless
extended or earlier terminated (as that date may be extended, the "Expiration Time"). No tenders will be
valid if submitted after the Expiration Time. The price offered is intended to result in a yield to
maturity equal to the sum of the yield to maturity of the reference U.S. Treasury security (as measured at
2 p.m., New York City time, on the third business day prior to expiration) plus a fixed spread of 40 bps.
All payments will include accrued and unpaid interest on the principal amount tendered to, but not
including, the payment date.
-more-
Exhibit 99.1
The Phoenix Companies, Inc....2
Phoenix Life has retained Goldman, Sachs & Co. to act as Dealer Manager in connection with the tender
offer. Questions regarding the tender offer and requests for documents may be directed to Goldman Sachs &
Co. at 800-828-3182 (toll free) or Global Bondholder Services Corporation, the information agent, at
866-794-2200 (toll free).
This news release does not constitute an offer or solicitation to purchase with respect to the notes.
That offer or solicitation will be made only by means of the Offer to Purchase. The surplus notes to be
offered by Phoenix Life have not been and will not be registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements thereof.
The Phoenix Companies, Inc. is a leading manufacturer of life insurance, annuity and asset management
products for the accumulation, preservation and transfer of wealth. Through a variety of advisors and
financial services firms, The Phoenix Companies provides products and services to affluent and
high-net-worth individuals and to institutions. The Phoenix Companies has corporate offices in Hartford,
Conn. For more information on Phoenix, visit www.PhoenixWealthManagement.com.
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