By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., Aug. 22 – Pricoa Global Funding I priced $500 million of funding agreement-backed notes with a three-year tenor on Monday, a market source said.
The notes priced with a 5.55% coupon for a spread of 88 basis points over Treasuries. The initial talk had the notes pricing in the 110 bps area. Guidance was in the Treasuries plus 90 bps area, plus or minus 2 bps.
Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC were the bookrunners for the 144A and Regulation S deal.
Pricoa Global Funding I is a financing arm of Newark, N.J.-based Prudential Insurance Co. of America, Inc.
| Issuer: | Pricoa Global Funding I
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| Amount: | $500 million
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| Issue: | Funding agreement-backed notes
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| Maturity: | Aug. 28, 2026
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| Bookrunners: | Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 5.55%
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| Spread: | Treasuries plus 88 bps
|
| Trade date: | Aug. 21
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Treasuries plus 110 bps area
|
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