Prudential Financial launches offering of $1,000-par junior subordinated notes due 2043

By Stephanie N. Rotondo

Phoenix, Nov. 14 - Prudential Financial Inc. will issue $1,000-par fixed-to-floating rate junior subordinated notes due June 15, 2043, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.

Interest will be paid semiannually through June 15, 2023 on the 15th day of June and December. After June 15, 2023, interest will be paid on a quarterly basis, on the 15th day of March, June, September and December.

The notes can be called in whole at any time prior to June 15, 2023, within 90 days of a tax event, rating agency event or a regulatory capital event. In the case of a tax event or rating agency event, the call price includes a make-whole premium.

After June 15, 2023, the notes can be called in whole or in part at par plus accrued interest.

The notes will not be listed.

Joint bookrunners are Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.

Proceeds will be used for general corporate purposes and to redeem some outstanding retail medium-term notes, including those issued under the InterNotes program.

Prudential is a Newark, N.J.-based financial services company.

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