Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2021 > News item |
Prudential to redeem all 3.5% series D notes, some series E notes
Chicago, July 29 – Prudential Financial, Inc. plans to redeem all $700 million of its outstanding 3.5% series D medium-term notes due May 15, 2024 (Cusip: 74432QBZ7) and $210 million of its $600 million outstanding 3.878% series E medium-term notes due March 27, 2028 (Cusip: 74432QCC7), according to a press release.
The redemption date is set for Aug. 30.
The company is working on its intention to reduce leverage and enhance its financial flexibility.
Both notes will be redeemed with make-whole premiums based on the Constant Maturity Treasury rate plus 15 basis points for the 2024 notes and a margin of 20 bps for the 2028 notes. Interest will also be paid for each series to the redemption date.
Bank of New York Mellon (800 254-2826) is the trustee for the notes.
After the redemption date, Prudential expects to incur a $90 million upfront charge on a pre-tax basis as a result of recognizing the make-whole premiums and accelerating remaining unamortized discounts related to the notes and expects to reduce annual pre-tax interest expense by approximately $30 million.
Prudential is a London-based life insurance and financial services company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.