Prudential To Sell $500M Note To Nippon Life

Law360, New York (September 17, 2009, 3:45 PM EDT) -- Prudential Financial Inc. will sell a $500 million 10-year exchangeable surplus note to Nippon Life Insurance Co. in a deal that is expected to close Friday.

The surplus note will be issued by The Prudential Insurance Company of America, a subsidiary of Prudential Financial.

In Prudential's report with the U.S. Securities and Exchange Commission, filed Wednesday, the company said that proceeds will be used for general corporate purposes of Prudential Insurance's Financial Services Business.

“We are pleased that Nippon Life has chosen to invest in Prudential....
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