Prudential eyes 30-year fixed-to-floaters to fund notes refinancings

By Devika Patel

Knoxville, Tenn., Sept. 12 – Prudential Financial, Inc. intends to price an offering of fixed-to-floating rate junior subordinated notes due 2047, according to a 424B2 filed with the Securities and Exchange Commission.

Interest will accrue at a fixed rate until Sept. 15, 2027 and at a rate based on Libor afterward.

The notes are non-callable until Sept. 15, 2027 and then are callable in amounts greater than $25 million at par plus interest.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC are the bookrunners.

The Newark, N.J., financial services company plans to use the proceeds from this offering for general corporate purposes, which may include refinancing its $600 million 8.875% fixed-to-floating rate junior subordinated notes and some of its medium-term notes maturing through 2018.

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