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Insurer Raises %242 Billion

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Prudential Financial Inc. has completed a previously announced effort to get cash from Wall Street.[@@]

Prudential, Newark, N.J., says it has completed a move to raise $2 billion by placing convertible notes with institutional investors.

The notes, which are due in 2035, will pay a floating rate of interest.

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Prudential says it is using $210 million of the note proceeds to buy common stock back from purchasers of the convertible notes.

Some securities analysts have speculated that Prudential might have plans to use the proceeds from the note sale to acquire another financial services company.