By Andrea Heisinger
New York, Sept. 10 - Prudential Financial, Inc. sold an upsized $1.5 billion of notes (Baa2/A/BBB) in two tranches Thursday, an informed source said.
The size was increased to add a tranche of six-year notes, a source said.
The $600 million of 3.625% three-year notes priced at 99.983 to yield 3.631%, or Treasuries plus 225 basis points.
A $900 million tranche of 4.75% six-year notes priced at 99.767 to yield 4.795%, or Treasuries plus 250 bps.
Both tranches are non-callable, the source said.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc. and Morgan Stanley & Co. Inc.
The insurance and financial services company is based in Newark, N.J.
| Issuer: | Prudential Financial, Inc.
|
| Issue: | Notes
|
| Total amount: | $1.5 billion, increased from one tranche
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Morgan Stanley & Co. Inc.
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 15
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A
|
| Fitch: BBB
|
|
|
| Three-year notes
|
| Amount: | $600 million
|
| Maturity: | Sept. 17, 2012
|
| Coupon: | 3.625%
|
| Price: | 99.983
|
| Yield: | 3.631%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Non-callable
|
|
|
| Six-year notes
|
| Amount: | $900 million
|
| Maturity: | Sept. 17, 2015
|
| Coupon: | 4.75%
|
| Price: | 99.767
|
| Yield: | 4.795%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Non-callable
|
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