Prudential Holdings sets redemption prices for 7.245%, 8.695% notes

By Marisa Wong

Madison, Wis., Dec. 17 – Prudential Holdings, LLC announced the redemption prices for its 7.245% series B fixed-rate insured notes due Dec. 18, 2023 and 8.695% series C fixed-rate notes due Dec. 18, 2023.

The company will redeem the 7.245% notes at 131.922742178 and the 8.695% notes at 134.15817483, in each case together with accrued interest.

As previously reported, Prudential will redeem all $776.65 million of its outstanding 7.245% notes and all $585.6 million of its outstanding 8.695% notes 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 was 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 prior 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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