By Aleesia Forni
Virginia Beach, Aug.12 – Prudential Financial Inc. priced $600 million of senior notes (Baa1/A/) in two parts on Monday, according to two separate FWP filings with the Securities and Exchange Commission.
The sale included $350 million 2.35% five-year notes priced at 99.92 to yield 2.367%, or Treasuries plus 75 basis points.
The company also priced a $250 million add-on to its existing 4.6% bonds due May 15, 2044 at 99.368 to yield 4.639%, or Treasuries plus 140 bps.
The original $500 million issue sold with a spread of Treasuries plus 112.5 bps on May 12.
Proceeds will be used for general corporate purposes, which may include refinancing portions of the company’s notes maturing through 2015.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC were the bookrunners.
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: | $600 million
|
| Joint bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC
|
| Trade date: | Aug. 11
|
| Settlement date: | Aug. 14
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: A
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $350 million
|
| Maturity: | Aug. 15, 2019
|
| Coupon: | 2.35%
|
| Price: | 99.92
|
| Yield: | 2.367%
|
| Spread: | Treasuries plus 75 bps
|
| Make-whole call: | Treasuries plus 15 bps
|
|
|
| Add-on to notes due 2044
|
| Amount: | $250 million
|
| Maturity: | May 15, 2044
|
| Coupon: | 4.6%
|
| Price: | 99.368
|
| Yield: | 4.639%
|
| Spread: | Treasuries plus 140 bps
|
| Make-whole call: | Treasuries plus 20 bps
|
| Total issue size: | $750 million, including $500 million priced on May 12
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
