Press release from Business Wire
Prudential Financial to redeem 9.0% Junior Subordinated Notes due 2068
Tuesday, May 07, 2013
Prudential Financial to redeem 9.0% Junior Subordinated Notes due 206816:17 EDT Tuesday, May 07, 2013
NEWARK, N.J (Business Wire) -- Prudential Financial, Inc. (NYSE: PRU) today announced that it will redeem all of its outstanding 9.0% Junior Subordinated Notes due 2068 (CUSIP/ISIN No. 744320508/ US7443205080) (NYSE: PHR) (the "Junior Notes") on June 15, 2013 (the "Redemption Date"). On the Redemption Date, a redemption price equal to 100% of the outstanding principal amount of the Junior Notes, or $25 per each $25 note, will be payable by Prudential Financial to the holders of record as of June 15, 2013. As of May 7, 2013, $920,000,000 aggregate principal amount of Junior Notes were outstanding.
The Junior Notes are held only in book-entry form through The Depository Trust Company ("DTC"). DTC will redeem the Junior Notes in accordance with its procedures and notify the holders. Holders of the Junior Notes need not take any action to receive payment of the redemption price.
This press release does not constitute a notice of redemption of the Junior Notes. Holders of the Junior Notes should refer to the notice of redemption to be delivered to the registered holders of the Junior Notes by The Bank of New York Mellon, the trustee with respect to the Junior Notes.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $1.061 trillion of assets under management as of March 31, 2013, has operations in the United States, Asia, Europe and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com.
Prudential Financial, Inc.
Scot Hoffman, 973-802-2824