Prudential Financial, Inc. Announces $1.0B Stock Offering

Prudential Financial, Inc. PRU today announced that it has commenced a public offering of $1.0 billion of its Common Stock. Citi, BofA Merrill Lynch, UBS Investment Bank and Barclays Capital will serve as joint bookrunning 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. The company intends to use the net proceeds from this offering to fund a portion of the purchase price for its previously announced acquisition of AIG Star Life Insurance Co., Ltd and AIG Edison Life Insurance Company from American International Group, Inc.