Prudential Financial Sells $500 Million Green Bond

By Colin Kellaher

Prudential Financial Inc. on Friday said it has become the first major U.S. life insurer to issue a green bond, with the sale of a $500 million six-year issue.

The Newark, N.J., company said the inaugural green bond, part of a $1.5 billion total debt issue, furthers its commitment to sustainable investments that deliver a positive environmental impact.

Prudential said it will allocate proceeds from the green bond to existing or future investments that provide environmental benefits, including reduced greenhouse-gas emissions and improved resource efficiency.

The $500 million 1.5% medium-term notes are due March 2026.

Prudential also sold $500 million of 2.1% medium-term notes due 2030 and $500 million of 3% medium-term notes due 2040. The company said it will use proceeds from those issues for general purposes, including refinancing some of its debt maturing through 2021.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 06, 2020 09:06 ET (14:06 GMT)

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