Published on 8/13/2013 in the Prospect News Investment Grade Daily.
New Issue: Prudential Financial details $1.05 billion note sale in three parts
By Aleesia Forni
Virginia Beach, Va., Aug. 13 - Prudential Financial Inc. gave details of its $1.05 billion three-part offering of notes (Baa1/A/), according to a FWP filing with the Securities and Exchange Commission.
The company sold $350 million of floating-rate notes due 2018 at par to yield Libor plus 78 basis points.
There was also $350 million of 2.3% notes due 2018 that priced with a spread of Treasuries plus 95 bps. The notes were sold at 99.883 to yield 2.325%.
A third tranche was $350 million of 5.1% notes due 2043 sold with a spread of Treasuries plus 140 bps, or 99.954 to yield 5.103%.
Both fixed-rate tranches priced at the tight end of talk.
Proceeds will be used for general corporate purposes.
Prudential is a Newark, N.J.-based financial services company.
| Issuer: | Prudential Financial Inc.
|
| Issue: | Notes
|
| Amount: | $1.05 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., RBS Securities Inc.
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A
|
|
|
| Five-year floaters
|
| Amount: | $350 million
|
| Net proceeds: | $348,862,500
|
| Maturity: | Aug. 15, 2018
|
| Coupon: | Libor plus 78 bps
|
| Price: | Par
|
| Yield: | Libor plus 78 bps
|
|
|
| Five-year fixed-rate notes
|
| Amount: | $350 million
|
| Net proceeds: | $348,453,000
|
| Maturity: | Aug. 15, 2018
|
| Coupon: | 2.3%
|
| Price: | 99.883
|
| Yield: | 2.325%
|
| Spread: | Treasuries plus 95 bps
|
| Price talk: | Treasuries plus 100 bps area
|
| Make-whole call: | At any time at the greater of par and CMT rate plus 15 bps
|
|
|
| 30-year notes
|
| Amount: | $350 million
|
| Net proceeds: | 346,776,500
|
| Maturity: | Aug. 15, 2043
|
| Coupon: | 5.1%
|
| Price: | 99.954
|
| Yield: | 5.103%
|
| Spread: | Treasuries plus 140 bps
|
| Price talk: | Treasuries plus 145 bps area
|
| Make-whole call: | At any time at the greater of par and CMT rate plus 25 bps
|
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