By Andrea Heisinger
New York, Jan. 11 - Prudential Financial Inc. priced $1.25 billion of senior medium-term notes (Baa2/A/BBB) in two tranches on Monday, a source close to the deal said.
A $500 million tranche of 2.75% three-year notes priced at 99.863 to yield 2.798% with a spread of Treasuries plus 130 basis points.
The $750 million tranche of 3.875% five-year notes priced at 99.856 to yield 3.907%, or Treasuries plus 135 bps.
Both tranches are non-callable.
Bookrunners were Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and UBS Investment Bank.
Senior co-managers were BNY Mellon Capital Markets LLC, HSBC Securities and Mitsubishi UFJ Securities.
Junior co-managers were Loop Capital Markets LLC, Samuel A. Ramirez & Co. and Williams Capital Group LP.
The insurance and financial services company is based in Newark, N.J.
| Issuer: | Prudential Financial, Inc.
|
| Issue: | Senior medium-term notes
|
| Amount: | $1.25 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc., UBS Investment Bank
|
| Senior co-managers: | BNY Mellon Capital Markets LLC, HSBC Securities, Mitsubishi UFJ Securities
|
| Junior co-managers: | Loop Capital Markets LLC, Samuel A. Ramirez & Co., Williams Capital Group LP
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A
|
| Fitch: BBB
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 14, 2013
|
| Coupon: | 2.75%
|
| Price: | 99.863
|
| Yield: | 2.798%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Non-callable
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 14, 2015
|
| Coupon: | 3.875%
|
| Price: | 99.856
|
| Yield: | 3.907%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Non-callable
|
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