TIDMPRU
RNS Number : 4738Q
Prudential PLC
27 October 2021
Prudential plc
Successful pricing of US$1,000,000,000 2.95 per cent.
Subordinated Notes due 3 November 2033 by Prudential plc
("Prudential")
Further to the announcement of 25 October 2021, Prudential today
announces that it has successfully priced US$1,000,000,000 2.95 per
cent. Subordinated Notes due 3 November 2033 (the "Notes") to be
issued pursuant to Prudential's US$10,000,000,000 Medium Term Note
Programme.
A summary of the principal terms of the Notes is set out below
for the purposes of information only, and will be qualified by the
more detailed information to be contained in the Final Terms
relating to the Notes (the "Final Terms"), which will be made
available in due course, and should be read in conjunction with the
prospectus dated 21 September 2021 relating to Prudential's
US$10,000,000,000 Medium Term Note Programme (the
"Prospectus").
-- Issuer: Prudential plc
-- Issue date: 3 November 2021 (the "Issue Date")
-- Maturity date: 3 November 2033
-- Aggregate nominal amount: US$ 1,000,000,000
-- Rate of interest: 2.95 per cent. per annum payable
semi-annually in arrear, subject to reset on the seventh
anniversary of the Issue Date (as defined above)
-- Ratings: A- (S&P) / A3 (Moody's)
-- Listing / trading venue: FCA Official List / London Stock Exchange's Regulated Market
-- Capital qualification: Intended to qualify as Tier 2 group
capital of Prudential under the Insurance (Group Capital) Rules of
Hong Kong (Cap. 41O of the Laws of Hong Kong).
As announced on 25 October 2021, the expected use of proceeds of
the issuance is general corporate purposes including the planned
redemption of Prudential's US$725 million 4.375 per cent. Undated
Tier 2 Notes (ISIN: XS1488414464).
This announcement is not provided for, or directed at, persons
in the United States.
Enquiries to:
Media: Investors/Analysts:
+44 (0)20 3977
+44 (0)20 3977 9702
Addy Frederick 9399 +65 9845 Patrick Bowes +44 (0)20 3977
Ping Ping Tan 8904 William Elderkin 9215
--------------- -------------------- ----------------
About Prudential plc
Prudential provides life and health insurance and asset
management, with a focus on Asia and Africa. The business helps
people get the most out of life, by making healthcare affordable
and accessible and by promoting financial inclusion. Prudential
protects people's wealth, helps them grow their assets, and
empowers them to save for their goals. The business has more than
17 million life customers in Asia and Africa and is listed on stock
exchanges in London, Hong Kong, Singapore and New York. Prudential
is not affiliated in any manner with Prudential Financial, Inc. a
company whose principal place of business is in the United States
of America, nor with The Prudential Assurance Company Limited, a
subsidiary of M&G plc, a company incorporated in the United
Kingdom.
Disclaimer
Please note that the information contained in the Prospectus and
the Final Terms (once published) may be addressed to and/or
targeted at persons who are residents of particular countries
(specified in the Prospectus and the Final Terms) only and is not
intended for use and should not be relied upon by any person
outside these countries and/or to whom the offer contained in the
Prospectus and the Final Terms is not addressed. Prior to relying
on the information contained in the Prospectus you must ascertain
from the Prospectus and the Final Terms whether or not you are part
of the intended addressees of the information contained therein.
Your right to access this service is conditional upon complying
with the above requirement.
Nothing in this announcement, and neither the Prospectus nor the
Final Terms, constitutes an offer of securities for sale in the
United States. The securities described in this announcement have
not been, and will not be, registered under the U.S. Securities Act
of 1933, as amended, or under any relevant securities laws of any
state of the United States of America and may not be offered, sold
or delivered in the United States of America or to, or for the
account of or benefit of, U.S. Persons, subject to certain limited
exemptions.
Forward-looking statements
This announcement may contain "forward-looking statements" with
respect to certain of Prudential plc ("Prudential")'s plans and its
goals and expectations relating to the proposed redemption of
certain debt securities and its future financial condition,
performance, results, strategy and objectives. Statements that are
not historical facts, including statements about Prudential's
beliefs and expectations and including, without limitation,
statements containing the words "may", "will", "should",
"continue", "aims", "estimates", "projects", "believes", "intends",
"expects", "plans", "seeks" and "anticipates", and words of similar
meaning, are forward-looking statements. These statements are based
on plans, estimates and projections as at the time they are made,
and therefore undue reliance should not be placed on them. By their
nature, all forward-looking statements involve risk and
uncertainty.
A number of important factors could cause Prudential's actual
future financial condition or performance or other indicated
results of the entity referred to in any forward-looking statement
to differ materially from those indicated in such forward-looking
statement. Such factors include, but are not limited to, the impact
of the current Covid-19 pandemic, including adverse financial
market and liquidity impacts, responses and actions taken by
governments, regulators and supervisors, the impact to sales,
claims and assumptions and increased product lapses, disruption to
Prudential's operations (and those of its suppliers and partners),
risks associated with new sales processes and information security
risks; future market conditions, including fluctuations in interest
rates and exchange rates, the potential for a sustained
low-interest rate environment, and the impact of economic
uncertainty, asset valuation impacts from the transition to a lower
carbon economy, derivative instruments not effectively hedging
exposures arising from product guarantees, inflation, including
interest rate rises as a response, and deflation and the
performance of financial markets generally; global political
uncertainties, including the potential for increased friction in
cross-border trade and the exercise of executive powers to restrict
trade, financial transactions, capital movements and/or investment;
the policies and actions of regulatory authorities, including, in
particular, the policies and actions of the Hong Kong Insurance
Authority, as Prudential's Group-wide supervisor, as well as new
government initiatives generally; given its designation as an
Internationally Active Insurance Group, the impact on Prudential of
systemic risk and other group supervision policy standards adopted
by the International Association of Insurance Supervisors; the
impact of competition and fast-paced technological change; the
effect on Prudential's business and results from, in particular,
mortality and morbidity trends, lapse rates and policy renewal
rates; the physical, social and financial impacts of climate change
and global health crises on Prudential's business and operations;
the timing, impact and other uncertainties of future acquisitions
or combinations within relevant industries; the impact of internal
transformation projects and other strategic actions failing to meet
their objectives; the effectiveness of reinsurance for Prudential's
businesses; the risk that Prudential's operational resilience (or
that of its suppliers and partners) may prove to be inadequate,
including in relation to operational disruption due to external
events; disruption to the availability, confidentiality or
integrity of Prudential's information technology, digital systems
and data (or those of its suppliers and partners); any ongoing
impact on Prudential of the demerger of M&G plc and the
demerger of Jackson Financial Inc.; the impact of changes in
capital, solvency standards, accounting standards or relevant
regulatory frameworks, and tax and other legislation and
regulations in the jurisdictions in which Prudential and its
affiliates operate; the impact of legal and regulatory actions,
investigations and disputes; and the impact of not adequately
responding to environmental, social and governance issues. These
and other important factors may, for example, result in changes to
assumptions used for determining results of operations or
re-estimations of reserves for future policy benefits. Further
discussion of these and other important factors that could cause
Prudential's actual future financial condition or performance or
other indicated results of the entity referred to in any
forward-looking statements to differ, possibly materially, from
those anticipated in Prudential's forward-looking statements can be
found under the 'Risk Factors' heading in Prudential's 2021 Half
Year Report and the 'Risk Factors' heading of Prudential's most
recent Half Year Report on Form 6-K filed with the U.S. Securities
and Exchange Commission ("SEC"). Prudential's most recent Half Year
Report and Form 6-K are available on its website at
www.prudentialplc.com.
Any forward-looking statements contained in this announcement
speak only as of the date on which they are made. Each of
Prudential and its Representatives expressly disclaims any
obligation to update any of the forward-looking statements
contained in this announcement or any other forward-looking
statements it may make, whether as a result of future events, new
information or otherwise except as required pursuant to the UK
Prospectus Rules, the UK Listing Rules, the UK Disclosure Guidance
and Transparency Rules, the Hong Kong Listing Rules, the SGX-ST
listing rules or other applicable laws and regulations.
Prudential may also make or disclose written and/or oral
forward-looking statements in reports filed with or furnished to
the Financial Conduct Authority, the SEC or other regulatory
authorities, as well as in its annual report and accounts to
shareholders, periodic financial reports to shareholders, proxy
statements, offering circulars, registration statements,
prospectuses and prospectus supplements, press releases and other
written materials and in oral statements made by directors,
officers or employees of Prudential to third parties, including
financial analysts. All such forward-looking statements are
qualified in their entirety by reference to the factors discussed
under the 'Risk Factors' heading in Prudential's 2021 Half Year
Report and the 'Risk Factors' heading of Prudential's most recent
Half Year Report on Form 6-K filed with the SEC. These factors are
not exhaustive as Prudential operates in a continually changing
business environment with new risks emerging from time to time that
it may be unable to predict or that it currently does not expect to
have a material adverse effect on its business.
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END
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