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Prudential Financial selling $1.5B of medium-term notes

Prudential Financial Inc. is selling $1.5 billion of 3.700% series E medium-term notes due March 13, 2051.

The trade date was Sept. 10, and the settlement date is Sept. 13. Interest will be paid March 13 and Sept. 13 each year, starting March 13, 2020.

The company anticipates net proceeds before expenses of approximately $1.48 billion. The proceeds will be used to pay a portion of the consideration for the company's acquisition of Assurance IQ Inc. and for general corporate purposes, which may include refinancing portions of the medium-term notes maturing through 2020.

Goldman Sachs & Co. LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Mizuho Securities USA LLC and Wells Fargo Securities LLC are joint book runners. The co-managers are Natixis Securities Americas LLC, Scotia Capital (USA) Inc., SG Americas Securities LLC, The Williams Capital Group LP, Academy Securities Inc., CastleOak Securities LP, Drexel Hamilton LLC, R. Seelaus & Co. LLC and Samuel A. Ramirez & Co. Inc. Goldman Sachs is also the billing and delivery agent.