Prudential greenshoe exercised, ups 5.7% $25-par notes to $710 million

By Tali David

Minneapolis, March 14 - The underwriters for Prudential Financial Inc.'s 5.7% junior subordinated notes offering exercised their over-allotment option, adding an additional $60 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced an upsized $650 million of the $25-par notes due 2053 on March 7. The total amount priced is now $710 million.

As previously reported, Wells Fargo Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunners.

Proceeds will be used for general corporate purposes, which may include the redemption of the company's 9% junior subordinated notes due 2068.

Prudential Financial is a Newark-based financial services company.

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