Prudential Financial said that on July 15, 2024, it and its subsidiary Prudential Funding, LLC, entered into a $4 billion five-year credit agreement with JPMorgan Chase Bank, N.A., as administrative agent.

1. 01

   Prudential Financial said that on July 15, 2024, it and its subsidiary Prudential Funding, LLC, entered into a $4 billion five-year credit agreement with JPMorgan Chase Bank, N.A., as administrative agent.

2. 02

   The company said the credit agreement amends and restates its existing $4 billion 5-year credit facility. It said there were no amounts outstanding under either the new facility or the existing one.

3. 03

   The company said borrowings may be used for general corporate purposes and can be drawn as standby letters of credit to meet the operating needs of the company and its subsidiaries. It said borrowings are not contingent on the borrowers' credit ratings and are not subject to material adverse change clauses.

4. 04

   The company said borrowings are conditioned on the continued satisfaction of customary conditions, including maintaining consolidated net worth of at least $22,064,700,000. It said this amount is calculated from U.S. GAAP equity, excluding accumulated other comprehensive income and other items.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.