Prudential to sell junior subordinated notes due 2062

By Mary-Katherine Stinson

Lexington, Ky., Aug. 9 – Prudential Financial, Inc. plans to price junior subordinated notes due Sept. 1, 2062, according to a 424B2 filing with the Securities and Exchange Commission.

There will be an over-allotment option.

The notes are callable in whole or in part on or after Sept. 1, 2027 at par plus interest. If it is a partial redemption, at least $25 million total principal amount of the notes, excluding any notes held by Prudential or any affiliates, must remain outstanding after the redemption and all accrued and unpaid interest, including deferred interest, must be paid in full on all outstanding notes for all interest periods ending on or before the date of redemption.

The notes will also be callable in whole prior to Sept. 1, 2027 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 is the global coordinator.

Wells Fargo Securities, LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and UBS Securities LLC are joint bookrunners.

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 bookrunners.

Proceeds will be used for general corporate purposes, which may include, together with the net proceeds of the recent sale of notes due 2052, the redemption or repurchase of $1.5 billion of its 2043 notes.

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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