Prudential Financial, Inc. to Redeem $1,285,000,000 of Junior Subordinated Notes

Prudential Financial, Inc. (the “Company”) (NYSE: PRU) announced today that it will redeem all of the $575,000,000 outstanding aggregate principal amount of its 5.75% Junior Subordinated Notes due 2052 (CUSIP/ISIN No. 744320607/US7443206070) and all of the $710,000,000 outstanding aggregate principal amount of its 5.70% Junior Subordinated Notes due 2053 (CUSIP/ISIN No. 744320706/US7443207060) (collectively, the “Notes”). Each series of Notes will be redeemed on September 23, 2020 at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the redemption date.

A notice of redemption is being sent to all currently registered holders of the Notes by the trustee, The Bank of New York Mellon. For more information, holders of the Notes may call The Bank of New York Mellon at 1-800-254-2826.

This release does not constitute a notice of redemption of the Notes.

The Company intends to fund the redemption of the Notes with funds received from the closing on August 21, 2020 of the Company’s underwritten public offering of $1,300,000,000 aggregate principal amount of Junior Subordinated Notes, consisting of $800,000,000 aggregate principal amount of its 3.700% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2050 and $500,000,000 aggregate principal amount of its 4.125% Junior Subordinated Notes due 2060.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities of the Company in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

Forward-Looking Statements

Certain of the statements included in this release constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.’s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Prudential Financial, Inc. does not undertake to update any particular forward-looking statement included in this release.

Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of June 30, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

Contacts:

MEDIA:
Julie Laskin
973-802-3975
julie.laskin@prudential.com

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