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Prudential plc, 6.75% Perpetual Subordinated Capital Securities
Ticker Symbol: PUK-* CUSIP: G7293H114 Exchange: NYSE
* NOTE: This security is no longer trading as of 12/23/2021
Security has been Called for: Thursday, December 23, 2021
October 04, 2021 -- Prudential plc (“Prudential”) completed a Hong Kong public offer and international placing of its shares raising approximately HK$18.5 billion or US$2.4 billion. The equity issuance will serve to maintain and enhance Prudential’s financial flexibility in light of the breadth of opportunities to invest for growth in Asia and Africa.
Specifically, and as previously announced on September 19, 2021, US$2.25 billion of the net proceeds of the Share Offer are expected to be used by Prudential to redeem existing high coupon debt. In this regard, Prudential has selected the following bonds for redemption and intends to exercise its option to redeem each such series of bond on the optional redemption dates identified below:
US$250 million 6.75% Capital Securities (G7293H114; GB00B02FFZ25) (optional redemption date falling on 23 December 2021)
US$300 million 6.5% Capital Securities (G7293H189; GB00B0G40271) (optional redemption date falling on 23 December 2021)
US$700 million 5.25% Notes (XS0873630742) (optional redemption date falling on 23 December 2021)
US$1,000 million 5.25% Notes (XS1426796477) (optional redemption date falling on 20 January 2022)
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Prudential plc, 6.75% Perpetual Subordinated Capital Securities, exchangeable at the issuer's option on or after 3/23/2010 into Non-Cumulative Dollar Denominated Preference Shares, liquidation preference US$25 per share, redeemable at the issuer's option on or after 9/23/2009 at US$25 per share plus accrued and unpaid interest, and with no stated maturity. Distributions of 6.75% ($1.6875) per annum paid quarterly on 3/23, 6/23, 9/23 & 12/23 to holders of record on the date fixed by the board, not more than 60 days or less than 15 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-49 of the prospectus for further information). Interest payments may be deferred under certain circumstances (see page S-6 of the prospectus). In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. The distributions of these securities are eligible for the 15% tax rate on dividends (see page S-49 of the prospectus).
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Go to Parent Company's Record (PUK)
IPO - 8/2/2004 - 10.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Market Value $250.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Foreign Address and Phone Numbers |
| Address: 12 Arthur Street, London EC4R 9AQ, England |
| Main Phone Number |
+44-20-7548-3737 |
| Fax Number |
+44-20-7548-3526 |
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Inv Rel Phone Number
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+44-20-7548-3300 |
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