New Issue: Prudential Financial prices $1 billion 5.7% 30-year fixed-to-floating notes at par

By Cristal Cody

Tupelo, Miss., Sept. 13 – Prudential Financial, Inc. priced $1 billion of 5.7% 30-year fixed-to-floating rate junior subordinated notes at par on Thursday, according to an FWP filed with the Securities and Exchange Commission.

The notes (Baa2/BBB+/BBB) will reset to a floating rate of Libor plus 266.5 basis points on Sept. 15, 2028.

The securities are callable at par beginning Sept. 15, 2028.

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

The Newark, N.J., financial services company plans to use the proceeds for general corporate purposes.

Issuer:	Prudential Financial, Inc.
Amount:	$1 billion
Description:	Fixed-to-floating rate junior subordinated notes
Maturity:	Sept. 15, 2048
Bookrunners:	Citigroup Global Markets Inc., Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Mizuho Securities USA Inc. and MUFG
Co-managers:	Scotia Capital (USA) Inc., Natixis Securities Americas LLC and SMBC Nikko Securities America, Inc.
Underwriters:	CastleOak Securities, LP, Drexel Hamilton, LLC, Mischler Financial Group, Inc., Samuel A. Ramirez & Co., Siebert Cisneros Shank & Co., LLC and Williams Capital Group, LP
Coupon:	5.7%; resets Sept. 15, 2028 to floating rate of Libor plus 266.5 bps
Price:	Par
Yield:	5.7%
Call features:	On or after Sept. 15, 2028 at par
Trade date:	Sept. 13
Settlement date:	Sept. 18
Ratings:	Moody’s: Baa2
	S&P: BBB+
	Fitch: BBB
Distribution:	SEC registered

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