Published on 3/23/2018 in the Prospect News Investment Grade Daily.
New Issue: Prudential Financial sells $1 billion of fixed-rate notes in two parts
By Devika Patel
Knoxville, Tenn., March 23 – Prudential Financial, Inc. priced $1 billion of series E medium-term notes (Baa1/A) in two tranches on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $600 million of 3.878% 10-year notes at par with a spread of 105 basis points over Treasuries.
Prudential priced $400 million of 4.418% 30-year notes at par with a 135 bps spread over Treasuries.
BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Prudential is a Newark, N.J., financial services company.
| Issuer: | Prudential Financial, Inc.
|
| Amount: | $1 billion
|
| Description: | Series E medium-term notes
|
| Bookrunners: | BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | MUFG, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., U.S. Bancorp Investments Inc., CastleOak Securities, LP, Drexel Hamilton, LLC, Mischler Financial Group, Inc., Samuel A. Ramirez & Co. Inc., Siebert Capital Markets and Williams Capital Group LP
|
| Trade date: | March 22
|
| Settlement date: | March 27
|
| Ratings: | Moody’s: Baa1
|
| S&P: A
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | March 27, 2028
|
| Coupon: | 3.878%
|
| Price: | Par
|
| Yield: | 3.878%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps until Dec. 27, 2027, then a par call
|
|
|
| 30-year notes
|
| Amount: | $400 million
|
| Maturity: | March 27, 2048
|
| Coupon: | 4.418%
|
| Price: | Par
|
| Yield: | 4.418%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until Sept. 27, 2047, then a par call
|
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