PRUDENTIAL FINANCIAL INC (PRU): debt financing — Prudential Financial raises $1.5B via Pre-Capitalized Trust Securities

PRUDENTIAL FINANCIAL INC

Issued 800,000 P-Caps at $800M via 2033 Trust (redeemable Feb 2033).
Issued 700,000 P-Caps at $700M via 2053 Trust (redeemable Feb 2053).
Proceeds invested in U.S. Treasury strips; Company has Issuance Right for Senior Notes.
Senior Notes rates: 5.791% due 2033 and 5.997% due 2053; facility fees of 1.815% and 2.066%.
Automatic exercise triggers include failure to pay fees or bankruptcy events.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PRUDENTIAL FINANCIAL INC incurred senior notes of $800,000,000 aggregate purchase price of Pre-Capitalized Trust Securities with Five Corners Funding Trust III, a Delaware statutory trust (the "2033 Trust") at 5.791% per annum on the Senior Notes due February 15, 2033 maturing February 15, 2033.

Instrument: senior notes
Principal: $800,000,000 aggregate purchase price of Pre-Capitalized Trust Securities
Counterparty: Five Corners Funding Trust III, a Delaware statutory trust (the "2033 Trust")
Rate: 5.791% per annum on the Senior Notes due February 15, 2033
Maturity: February 15, 2033
Event: incurrence

Exact text from the filing

Five Corners Funding Trust III, a Delaware statutory trust (the "2033 Trust"), completed the issuance and sale of 800,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2033 (the "2033 P-Caps") for an aggregate purchase price of $800,000,000

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PRUDENTIAL FINANCIAL INC filing history →

Source: SEC EDGAR

accession 0001193125-23-066133

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