Prudential Financial plans issue of fixed-to-floating notes due 2048

By Devika Patel

Knoxville, Tenn., Sept. 13 – Prudential Financial, Inc. intends to price fixed-to-floating rate junior subordinated notes due Sept. 15, 2048, according to a 424B2 filed with the Securities and Exchange Commission.

Interest will accrue at a fixed rate until Sept. 15, 2028 and at a rate based on three-month Libor after that.

The notes are non-callable until Sept. 15, 2028 and are then callable at par.

Citigroup Global Markets Inc., Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Mizuho Securities USA Inc. and MUFG are the bookrunners.

The Newark, N.J.-based insurance provider plans to use the proceeds for general corporate purposes.

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