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Prudential Financial sells $500M of notes

Prudential Financial Inc. closed the sale of $500 million of its 5.625% junior subordinated notes due Aug. 15, 2058, at a price of $25 apiece.

Interest is payable quarterly on Feb. 15, May 15, Aug. 15 and Nov. 15 of each year, starting Nov. 15. The settlement date is Aug. 13.

The notes are redeemable in whole at any time or in part from time to time on or after Aug. 15, 2023, at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

The debt is also redeemable in whole, but not in part, at any time prior to Aug. 15, 2023, within 90 days after a tax event, a rating agency event or a regulatory capital event.

The underwriters were given an option to purchase up to an additional $75 million of the notes to cover overallotments.

Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC served as joint book-running managers, while Citigroup Global Markets Inc., J.P. Morgan Securities LLC, ICBC Standard Bank PLC, Santander Investment Securities Inc. and Standard Chartered Bank were co-managers.

CastleOak Securities LP, Drexel Hamilton LLC, Mischler Financial Group Inc., Samuel A. Ramirez & Company Inc., Siebert Cisneros Shank & Co. LLC and The Williams Capital Group LP acted as underwriters.