Prudential Holdings to redeem three series of notes on Dec. 18

By Marisa Wong

Madison, Wis., Dec. 5 – Prudential Holdings, LLC gave notice that it will redeem all $776.65 million of its outstanding 7.245% series B fixed-rate insured notes due Dec. 18, 2023 and all $585.6 million of its outstanding 8.695% series C fixed-rate notes due Dec. 18, 2023 on Dec. 18.

The redemption price for each set of notes is equal to the sum of the present values of scheduled payments of principal and interest remaining outstanding at the redemption date until maturity. The present value will be calculated by discounting the remaining principal and interest payments to maturity on a semiannual basis at a rate of Treasuries plus 50 basis points.

According to a separate notice, the company will also redeem its $237.75 million of outstanding series A floating-rate insured notes due Dec. 18, 2017 on Dec. 18 at par plus accrued interest to the redemption date.

U.S. Bank NA is the trustee.

Prudential Holdings is a subsidiary of Newark, N.J.-based Prudential Financial, Inc.

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