Prudential wraps investor calls for two-tranche offering of notes

By Cristal Cody

Chicago, March 1 – Prudential Financial, Inc. is expected to price a two-part offering of junior subordinated notes (AM Best: bbb) soon, according to a market source.

Fixed-income investor calls were held on Tuesday for an offering that is outlined as containing 10-year and 30-year notes.

Active bookrunners on the Rule 144A deal are Credit Suisse Securities (USA) LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Mizuho Securities USA Inc.

Passive bookrunners are BNP Paribas Securities Corp. and U.S. Bancorp Investments Inc.

Proceeds are expected to be used for general corporate purposes, which may include repurchasing Prudential’s 5.2% fixed-to-fixed reset junior subordinated notes due 2044, according to AM Best.

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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