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Prudential to sell $1,000-par 30-year fixed-to-fixed reset rate junior subordinated notes
By James McCandless
San Antonio, Aug. 18 – Prudential Financial, Inc. plans to sell an offering of $1,000-par fixed-to-fixed reset rate junior subordinated notes due Oct. 1, 2050, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are talked at the 4.125% to 4.25% area, a market source said.
Wells Fargo Securities, LLC, Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Mizuho Securities USA LLC are the bookrunners.
Coupons will be payable on April 1 and Oct. 1, starting on April 1, 2021.
On Oct. 1, 2030 and every five years thereafter, the coupon coverts to a fixed rate equal to the Treasury rate plus a spread.
The notes are redeemable within three months before Oct. 1, 2030 or each subsequent reset date. Prior to that, the notes are redeemable within 90 days after a tax event or regulatory capital event at par or 90 days after a rating agency event at 102%.
Prudential plans to use the proceeds to redeem its 2052 notes and 2053 notes.
The company does not plan to list the notes on any securities exchange.
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