Published on 8/7/2018 in the Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.
New Issue: Prudential prices $500 million $25-par junior subordinated notes due 2058 at 5.625%
By James McCandless
San Antonio, Aug. 7 – Prudential Financial, Inc. priced $500 million of $25-par junior subordinated notes due 2058 with a coupon of 5.625% at par, according to an FWP filing with the Securities and Exchange Commission.
There is a $75 million greenshoe.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC are the joint bookrunners.
The notes are redeemable after five years. Prior to that, they are redeemable within 90 days of a tax event, ratings agency event or a regulatory capital event.
Prudential plans to use the proceeds for general corporate purposes.
The company intends to list the notes on the New York Stock Exchange.
The deal was announced Monday morning.
Prudential is a Newark-based insurance provider.
| Issuer: | Prudential Financial, Inc.
|
| Description: | Junior subordinated notes due 2058
|
| Amount: | $500 million
|
| Greenshoe: | $75 million
|
| Maturity: | Aug. 15, 2058
|
| Coupon: | 5.625%, payable quarterly
|
| Price: | Par of $25
|
| Call: | On or after Aug. 15, 2023 at par; prior to that, within 90 days of a tax event, ratings agency event or a regulatory capital event.
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC
|
| Co-managers: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, ICBC Standard Bank plc, Santander Investment Securities Inc. and Standard Chartered Bank
|
| Syndicate: | CastleOak Securities, LP, Drexel Hamilton, LLC, Mischler Financial Group, Inc., Samuel A. Ramirez & Co., Inc., Siebert Cisneros Shank & Co., LLC and Williams Capital Group, LP
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 13
|
| Ratings: | Moody’s: Baa2 (hyb)
|
| S&P: BBB+
|
| Fitch: BBB
|
| Distribution: | SEC Registered
|
| Listing: | New York Stock Exchange
|
© 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.
