New Issue: Pricoa Global Funding I prices $500 million 3.45% five-year notes at 75 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 20 – Pricoa Global Funding I priced $500 million of 3.45% five-year medium-term notes (A1/AA-AA-) on Monday at a spread of Treasuries plus 75 basis points, according to a market source.

Price guidance on the notes was in the Treasuries plus 75 bps area, plus or minus 3 bps. The issue was initially talked to price in the Treasuries plus 85 bps area.

Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and U.S. Bancorp Investments, Inc. were the bookrunners.

Pricoa Global Funding I is a financing arm of Newark, N.J.-based Prudential Insurance Co. of America, Inc.

Issuer:	Pricoa Global Funding I
Amount:	$500 million
Description:	Medium-term notes
Maturity:	Sept. 1, 2023
Bookrunners:	Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and U.S. Bancorp Investments, Inc.
Coupon:	3.45%
Spread:	Treasuries plus 75 bps
Trade date:	Aug. 20
Ratings:	Moody’s: A1
	S&P: AA-
	Fitch: AA-
Distribution:	Rule 144A, Regulation S
Price guidance:	Treasuries plus 75 bps area, plus or minus 3 bps; initially talked at Treasuries plus 85 bps area

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