Prudential PLC - FTSE 100-listed London-based insurer and asset manager - Selects series of bonds to redeem with proceeds from late September's bumper Hong Kong placing.
Will redeem USD250 million 6.75% capital securities, USD300 million 6.5% capital securities, USD700 million 5.25% notes and USD1.00 billion 5.25% notes, all of which are due December 2021.
Pru notes the redemption of these bonds would reduce interest costs by about USD125 million per annum.
On Friday, Pru says: "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."
Raised USD2.4 billion from issuing 130.8 million new shares in Hong Kong in late September.
Current stock price: 1,461.00 pence
Year-to-date change: up 8.5%
By Paul McGowan; paulmcgowan@alliancenews.com
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Prudential (PRU)