New Issue: Prudential sells $1.2 billion fixed-to-fixed reset rate subordinated notes due 2052

Chicago, Aug. 8 – Prudential Financial, Inc. priced $1.2 billion of fixed-to-fixed reset rate junior subordinated notes due Sept. 1, 2052 (Baa1/BBB+/BBB) on Monday, according to an FWP filing with the Securities and Exchange Commission.

The starting 6% interest rate will reset on Sept. 1, 2032 and every five years after that at the five-year Treasury rate plus 323.4 basis points.

The notes priced at par.

The notes will be callable in whole or in part at a make-whole price of Treasuries plus 50 bps 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.

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.

Issuer:	Prudential Financial, Inc.
Amount:	$1.2 billion
Issue:	Fixed-to-fixed reset rate subordinated notes
Maturity:	Sept. 1, 2052
Bookrunners:	Wells Fargo Securities, LLC, Barclays, BofA Securities, Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC
Senior co-managers:	MUFG, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc.
Junior co-managers:	Academy Securities Inc., CastleOak Securities, LP, Drexel Hamilton, LLC, Ramirez & Co., Inc., R. Seelaus & Co., LLC and Siebert Williams Shank & Co., LLC
Trustee:	Bank of New York Mellon
Counsel to issuer:	In-house
Counsel to underwriters:	Cleary Gottlieb Steen & Hamilton LLP
Coupon:	6% starting rate to Sept. 1, 2032; resets on that date and every five years going forward at five-year Treasury plus 323.4 bps
Price:	Par
Yield:	6%
Call features:	Make-whole call at Treasuries plus 50 bps until June 1, 2032; at par from June 1, 2032 to Sept. 1, 2032; at par during each three-month period before each subsequent interest reset date
Trade date:	Aug. 8
Settlement date:	Aug. 17
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: BBB
Distribution:	SEC registered
Cusip:	744320BK7

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