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Prudential to sell fixed-to-fixed reset subordinated notes due 2052
By Marisa Wong
Los Angeles, Aug. 8 – Prudential Financial, Inc. plans to price fixed-to-fixed reset rate junior subordinated notes due Sept. 1, 2052, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will reset on Sept. 1, 2032 and every five years after that.
The notes will be callable in whole or in part at a make-whole price prior to June 1, 2032. The notes will then be callable in whole or in part at par during the three-month period prior to and including Sept. 1, 2032 or the three-month period prior to and including each subsequent interest reset date.
The notes will also be callable in whole within 90 days of a tax event, rating agency event or regulatory capital event. The redemption price is par if a tax event or regulatory capital event occurs and 102 if a rating agency event occurs.
Wells Fargo Securities, LLC, Barclays, BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC are the joint bookrunners. Wells Fargo is also global coordinator.
Bank of New York Mellon is the trustee.
In-house counsel will advise the company, and Cleary Gottlieb Steen & Hamilton LLP will act as counsel for the underwriters.
Proceeds will be used for general corporate purposes, which may include working capital, contributions of capital or loans to insurance underwriting and other subsidiaries, capital expenditures, repurchase of shares of common stock, repayment of short-term borrowings or other debt or acquisitions.
Prudential is a Newark, N.J.-based holding company. Its subsidiaries and affiliates offer financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management.
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