By James McCandless
San Antonio, Aug. 18 – Prudential Financial, Inc. priced a $500 million offering of $25-par junior subordinated notes due Sept. 1, 2060 with a dividend of 4.125%, according to a market source.
Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC are the bookrunners.
Coupons will be payable on March 1, June 1, Sept. 1 and Dec. 1, starting on Dec. 1, 2020.
The notes are redeemable on or after Sept. 1, 2025 at par. 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 plans to list the notes on the New York Stock Exchange.
| Issuer: | Prudential Financial, Inc.
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| Description: | Junior subordinated notes
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| Amount: | $500 million
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| Maturity: | Sept. 1, 2060
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| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC
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| Coupon: | 4.125%
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| Price: | Par of $25.00
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| Yield: | 4.125%
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| Call: | On or after Sept. 1, 2025 at par; prior to that, within 90 days after a tax event or regulatory capital event at par or 90 days after a rating agency event at 102%
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| Pricing date: | Aug. 18
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| Distribution: | SEC registered
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| Listing: | NYSE
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