New Issue: Prudential Financial sells $1 billion 5.875% 30-year hybrid junior subordinated notes

By Andrea Heisinger

New York, Aug. 6 - Prudential Financial, Inc. priced $1 billion of 5.875% fixed-to-floating-rate 30-year junior subordinated notes on Monday at par, a market source said.

The notes have a fixed rate until Sept. 15, 2022 and a floating rate of Libor plus 417.5 basis points after that date until maturity.

Bookrunners were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc. and UBS Securities LLC.

Co-managers were Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., RBS Securities LLC and SMBC Nikko Capital Markets Ltd.

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

The financial services company is based in Newark, N.J.

Issuer:	Prudential Financial, Inc.
Issue:	Fixed-to-floating rate junior subordinated notes
Amount:	$1 billion
Maturity:	Sept. 15, 2042
Bookrunners:	Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., UBS Securities LLC
Co-managers:	Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., RBS Securities LLC, SMBC Nikko Capital Markets Ltd.
Coupon:	5.875% until Sept. 15, 2022, Libor plus 417.5 bps after
Price:	Par
Yield:	5.875% until Sept. 15, 2022, Libor plus 417.5 bps after
Trade date:	Aug. 6
Settlement date:	Aug. 9

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