Prudential in $300 Million Tier 1 Debt Offering

Cleary Gottlieb represented Prudential plc in an offering of $300 million 6.50% Perpetual Subordinated Capital Securities Exchangeable at the Issuer’s Option into Non-Cumulative Dollar Denominated Preference Shares. The offering was the second takedown under a $2 billion debt shelf expanded in 2004 to include preference shares and debt securities convertible into preference shares.

Prudential plc is one of the United Kingdom’s largest financial services groups, providing insurance products, retail financial services and fund management in the United Kingdom, the United States, Asia and continental Europe.