By Andrea Heisinger
Omaha, June 12 - Prudential Financial, Inc. priced $600 million 8.875% 60-year hybrid junior subordinated notes Thursday at Treasuries plus 470 basis points, an informed source said.
The notes (Baa1/A-/A) priced at 99.714.
The notes have a fixed rate of 8.875% until June 15, 2018, and then a floating rate of three-month Libor plus 500 bps.
The notes have a scheduled maturity of June 15, 2038, with a final maturity of June 15, 2068.
They are callable on or after June 15, 2018.
Bookrunners were J.P. Morgan Securities Inc., Morgan Stanley & Co., Inc. and Wachovia Capital Markets.
The financial and insurance company is based in Newark, N.J.
| Issuer: | Prudential Financial, Inc.
|
| Issue: | Hybrid junior subordinated notes
|
| Amount: | $600 million
|
| Maturity: | June 15, 2038 (scheduled), June 15, 2068 (final)
|
| Bookrunners: | J.P. Morgan Securities Inc., Morgan Stanley & Co., Inc., Wachovia Capital Markets
|
| Coupon: | 8.875% until June 15, 2018, then three-month Libor plus 500 bps
|
| Price: | 99.714
|
| Spread: | Treasuries plus 470 bps
|
| Call: | On or after June 15, 2018
|
| Trade date: | June 12
|
| Settlement date: | June 17
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A
|
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