By Andrea Heisinger
New York, May 9 - Prudential Financial Inc. priced $800 million of notes (Baa2/A/) in two parts on Monday, a market source said.
The $500 million of 3% five-year notes priced at 99.926 to yield 3.016% with a spread of Treasuries plus 118 basis points. The notes were talked in the 120 bps area.
The notes have a make-whole call at 20 bps over Treasuries.
A $300 million tranche of 5.625% 30-year bonds sold at 99.07 to yield 5.69% with a spread of Treasuries plus 138 bps. Guidance was in the 140 bps area.
The tranche is callable at a make-whole of 25 bps over Treasuries.
Bookrunners were Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Morgan Stanley & Co., Inc.
Proceeds are being used for general corporate purposes.
The insurance and financial services company is based in Newark, N.J.
| Issuer: | Prudential Financial Inc.
|
| Issue: | Notes
|
| Amount: | $800 million
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co., Inc.
|
| Trade date: | May 9
|
| Settlement date: | May 12
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | May 12, 2016
|
| Coupon: | 3%
|
| Price: | 99.926
|
| Yield: | 3.016%
|
| Spread: | Treasuries plus 118 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Price talk: | 120 bps area
|
|
|
| 30-year bonds
|
| Amount: | $300 million
|
| Maturity: | May 16, 2041
|
| Coupon: | 5.625%
|
| Price: | 99.07
|
| Yield: | 5.69%
|
| Spread: | Treasuries plus 138 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Price talk: | 140 bps area
|
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