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Prudential Financial starts note exchange offers

Prudential Financial Inc. has commenced offers to exchange existing notes with new notes.

The company offered to exchange 6.625% medium-term notes, series D, due 2037, with $750 million principal amount outstanding; 5.900% medium-term notes, series D, due 2036, with $250 million principal amount outstanding; 5.750% medium-term notes, series B, due 2033, with $500 million principal amount outstanding; and 5.400% medium-term notes, series C, due 2035, with $300 million principal amount outstanding; for up to $650 million aggregate principal amount of new notes due 2047.

The company also started an offer to exchange 6.200% medium-term notes, series D, due 2040, with $500 million principal amount outstanding; 5.800% medium-term notes, series D, due 2041, with $325 million principal amount outstanding; 5.625% medium-term notes, series D, due 2041, with $300 million principal amount outstanding; and 5.100% medium-term notes, series D, due 2043, with $350 million principal amount outstanding; for up to $650 million aggregate principal amount of new notes due 2049.

The exchange offers will expire at 12 a.m. ET at the end of Dec. 19, unless extended. Assuming the company elects to have an early settlement, settlement for existing notes tendered at or before the early participation date and accepted by the company is expected to be Dec. 7, unless extended.

Consummation of the exchange offers is subject to a number of conditions, including, among other things, the issuance of at least $300 million aggregate principal amount of new 2047 notes and at least $300 million aggregate principal amount of new 2049 notes.

The company will not receive any cash proceeds from the exchange offers.