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Banking, finance, and taxes

Prudential Raising Close to $1 Billion (PRU, AIG)

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By Jon C. Ogg Updated Published
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Prudential Financial, Inc. (NYSE: PRU) has raised close to $1 billion.  If no over-allotment shares are exercised, this figure is closer to $970 million.  The insurer sold 18.35 million shares at $54.50 per share in a public secondary offering.  Proceeds from the offering will be to help the company pay for the acquisitions of AIG Star Life Insurance Co., Ltd and AIG Edison Life Insurance Company from American International Group, Inc. (NYSE: AIG).

Citi, BofA Merrill Lynch, UBS, and Barclays Capital are the joint book-runners, and the co-managers are listed as Deutsche Bank Securities, HSBC, and Wells Fargo Securities.  The underwriters will have a 30-day over-allotment option to purchase up to an additional 2,752,293 shares of common stock from the company.

Prudential shares closed at $55.02 on Thursday and the market cap before the effect of this offering was listed as roughly $25.7 billion.  The 52-week trading range is $46.20 to $66.80 and the average daily volume is almost 4.4 million shares.

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JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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