Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Portfolio > Alternative Investments > Private Equity

Pru Goes To Wall Street

X
Your article was successfully shared with the contacts you provided.

Prudential Financial Inc. says it is selling up to $2.1 billion in convertible senior notes due in 2035 through a private placement.[@@]

Prudential, Newark, N.J., says it plans to pay an interest rate on the notes that will be 2.76 percentage points less than the 3-month London Inter Bank Offered Rate interest rate benchmark. The current 3-month LIBOR is 4.33%.

Each $1,000 of notes could turn into 11.11 shares of Prudential common stock if Prudential’s stock price rises about 21%, to $90 per share.

Prudential plans to use $210 million in note issue proceeds to buy back its stock and to invest the rest in investment-grade bonds.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.