Prudential launches $3 billion Libor minus 163 floating-rate convertible senior notes due 2037, up 35%

By Evan Weinberger

New York, Dec. 6 - Prudential Financial, Inc. launched $3 billion in floating-rate convertible senior notes due 2037 Thursday after the market close. The convertibles will carry a Libor minus 163 coupon and a 35% initial conversion premium.

Citigroup is the bookrunner of the Rule 144A transaction.

The deal is expected to price Friday before market open.

The convertibles have call protection for the first 18 months and are there are put options at 18 months and in years two, three, four, five, 10, 15, 20 and 25.

The convertibles have takeover protection in the form of a standard make whole table and full dividend protection.

Prudential is a Newark, N.J.-based financial institution. Prudential plans to use the proceeds to repurchase $239 million in common stock and for general corporate purposes.

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