By Andrea Heisinger
Omaha, Nov. 28 - Prudential Financial priced $1.5 billion of medium-term notes (A3/A+/A) in two tranches Wednesday, an informed source said.
A $750 million issue of 6% 10-year notes priced at 99.356 to yield 6.087%, or Treasuries plus 205 basis points. The non-callable notes came at the tight end of price talk, which was 205 to 210 bps over Treasuries.
A $750 million issue of 6.625% 30-year notes priced at 99.177 to yield 6.689%, or Treasuries plus 225 bps. The non-callable notes came at the tight end of price talk, which was 225 to 230 bps over Treasuries.
Bookrunners for the 10-year notes were Citigroup, J.P. Morgan Securities Inc. and Morgan Stanley. Bookrunners for the 30-year notes were Banc of America Securities LLC, Citigroup and Goldman Sachs.
The company is a Newark, N.J.-based insurance and investment company.
| Issuer: | Prudential Financial
|
| Issue: | Medium-term notes
|
| Total amount: | $1.5 billion
|
| Trade date: | Nov. 28
|
| Settlement date: | Dec. 3
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Fitch: A
|
|
|
| 10-year tranche
|
| Amount: | $750 million
|
| Maturity: | Dec. 1, 2017
|
| Bookrunners: | Citigroup, J.P. Morgan Securities Inc., Morgan Stanley
|
| Coupon: | 6%
|
| Price: | 99.356
|
| Yield: | 6.087%
|
| Spread: | Treasuries plus 205 bps
|
| Call: | Non-callable
|
| Price talk: | 205 to 210 bps
|
|
|
| 30-year tranche
|
| Amount: | $750 million
|
| Maturity: | Dec. 1, 2037
|
| Bookrunners: | Banc of America Securities LLC, Citigroup, Goldman Sachs
|
| Coupon: | 6.625%
|
| Price: | 99.177
|
| Yield: | 6.689%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Non-callable
|
| Price talk: | 225 to 230 bps
|
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