Prudential Financial heralds $25-par junior subordinated notes due 2052 talked at 5.75%-5.875%

By Stephanie N. Rotondo

Phoenix, Nov. 27 - Prudential Financial Inc. is planning a sale of at least $250 million $25-par junior subordinated notes due Dec. 15, 2052, the company said in a prospectus filed with the Securities and Exchange Commission on Tuesday.

Price talk is 5.75% to 5.875%, according to a trader.

Interest will be payable on the 15th day of March, June, September and December, beginning March 15, 2013. Interest payments are deferrable for up to five years, though the interest will accumulate and compound.

At the company's option, the notes can be redeemed at par plus accrued interest on or after December 2017, or prior to that date within 90 days of a regulatory capital event. If the notes are called due to a rating agency or tax event prior to December 2017, the call price includes a make-whole premium.

The notes will be listed on the New York Stock Exchange.

Morgan Stanley & Co. LLC, Bank of America Merrill Lynch, UBS Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

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

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

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