By Aleesia Forni
Virginia Beach, May 13 - Prudential Financial Inc. priced $1.2 billion of medium-term notes (Baa1/A/), series D, in tranches due 2024 and 2044 on Monday, according to an FWP filed with the Securities and Exchange Commission.
The sale included $700 million of 3.5% notes due 2024 priced at 99.507 to yield 3.559%, or Treasuries plus 90 basis points.
A second tranche was $500 million of 4.6% notes due 2044 sold with a spread of Treasuries plus 112.5 bps. Pricing was at 99.822 to yield 4.611%.
Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co., BofA Merrill Lynch and Morgan Stanley & Co. LLC were the joint bookrunners.
The company plans to use proceeds for general corporate purposes, which may include refinancing portions of its medium-term notes maturing through 2015.
Prudential Financial is a Newark, N.J.-based insurance, investment management and financial products and services provider.
| Issuer: | Prudential Financial Inc.
|
| Issue: | Medium-term notes, series D
|
| Amount: | $1.2 billion
|
| Joint bookrunners: | Barclays, Deutsche Bank Securities Inc., Goldman Sachs & Co., BofA Merrill Lynch, Morgan Stanley & Co. LLC
|
| Trade date: | May 12
|
| Settlement date: | May 15
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $700 million
|
| Maturity: | May 15, 2024
|
| Coupon: | 3.5%
|
| Price: | 99.507
|
| Yield: | 3.559%
|
| Spread: | Treasuries plus 90 bps
|
| Make-whole call: | Treasuries plus 15 bps
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | May 15, 2044
|
| Coupon: | 4.6%
|
| Price: | 99.822
|
| Yield: | 4.611%
|
| Spread: | Treasuries plus 112.5 bps
|
| Make-whole call: | Treasuries plus 20 bps
|
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