New Issue: Prudential sells $350 million 3.625% 10-year notes with 138 bps spread

By Devika Patel

Knoxville, Tenn., March 21 – Prudential plc priced $350 million of 3.625% 10-year senior notes (A2/A) on Monday at 99.535 to yield 3.681%, or 138 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

BofA Securities Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used to repay a $350 million bank loan.

Prudential provides life and health insurance and asset management.

Issuer:	Prudential plc
Amount:	$350 million
Issue:	Senior notes
Maturity:	March 24, 2032
Bookrunners:	BofA Securities Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC
Trustee:	Citibank, NA
Counsel to issuer:	Morgan, Lewis & Bockius UK LLP and Slaughter and May
Counsel to underwriters:	Freshfields Bruckhaus Deringer US LLP
Coupon:	3.625%
Price:	99.535
Yield:	3.681%
Spread:	138 bps over Treasuries
Call:	Make-whole call at Treasuries plus 25 bps until Dec. 24, 2031, then a par call
Trade date:	March 21
Settlement date:	March 24
Ratings:	Moody’s: A2
	S&P: A
Cusip:	74435KAB1

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