By Sheri Kasprzak
New York, Nov. 10 - Prudential Financial Inc. sold $725 million of series D medium-term notes on Thursday, according to a pricing sheet.
The offering included $400 million of 10-year notes and $325 million of 30-year notes.
The 4.5% 10-year notes were priced at 99.237 to yield 4.596%, or 255 basis points over Treasuries.
The notes feature a make-whole call at any time at the greater of par and the discounted constant maturity Treasury rate plus 40 bps.
The 5.8% 30-year notes were priced at 99.046 to yield 5.868%, or 275 bps over Treasuries.
The notes feature a make-whole call at any time at the greater or par or the discounted CMT rate plus 45 bps.
The joint bookrunners for the 10-year notes were Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and RBS Securities Inc.
The joint bookrunners for the 30-year notes were HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley and UBS Securities LLC. The senior co-managers were Lloyds Securities Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., SMBC Nikko Capital Markets Ltd. and U.S. Bancorp Investments Inc. The co-managers were Blaylock Robert Van LLC, CastleOak Securities LP, C.L. King & Associates Inc. and Loop Capital Markets LLC.
Proceeds will be used for general corporate purposes, including refinancing a portion of the company's 5.8% medium-term notes, which are due June 15, 2012; its 3.625% medium-term notes, which are due Sept. 17, 2012; and its 5.15% medium-term notes, which are due Jan. 15, 2013.
Based in Newark, N.J., Prudential is a financial products and services company.
| Issuer: | Prudential Financial Inc.
|
| Issue: | Series D medium-term notes
|
| Amount: | $725 million
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 16
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A
|
| Fitch: BBB+
|
|
|
| 10-year notes
|
| Amount: | $400 million
|
| Maturity: | Nov. 16, 2021
|
| Coupon: | 4.5%
|
| Price: | 99.237
|
| Yield: | 4.596%
|
| Spread: | Treasuries plus 255 bps
|
| Call: | Make-whole at any time at the greater of par and the discounted CMT rate plus 40 bps
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, RBS Securities Inc.
|
|
|
| 30-year notes
|
| Amount: | $325 million
|
| Maturity: | Nov. 16, 2041
|
| Coupon: | 5.8%
|
| Price: | 99.046
|
| Yield: | 5.868%
|
| Spread: | Treasuries plus 275 bps
|
| Call: | Make-whole call at any time at the greater of par and the discounted value at CMT rate plus 45 bps
|
| Bookrunners: | HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC
|
| Senior co-managers: | Lloyds Securities Inc., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., SMBC Nikko Capital Markets Ltd., U.S. Bancorp Investments Inc.
|
| Co-managers: | Blaylock Robert Van LLC, CastleOak Securities LP, C.L. King & Associates Inc., Loop Capital Markets LLC
|
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