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Life Health > Life Insurance

Prudential Announces $1 Billion Stock Offering

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Prudential Financial Inc. today announced a public offering of $1 billion of its common stock.

Prudential (NYSE:PRU), Newark, N.J., says it plans to use net proceeds from the offering to help it pay for its previously announced acquisition of AIG Star Life Insurance Co. Ltd and AIG Edison Life Insurance Company from American International Group Inc.

Citigroup, Bank of America Merrill Lynch, UBS Investment Bank and Barclays Capital are joint managers for the offering.

The underwriters will have a 30-day option to purchase up to an additional 15% of the offered amount of common stock from the company.

-Trevor Thomas


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