prudential financial inc (PRU) Key Developments
Prudential Financial, Inc. and Prudential Funding, LLC Enter into $4 Billion Five Year Credit Agreement
Apr 17 15
On April 14, 2015, Prudential Financial, Inc. and Prudential Funding, LLC entered into a $4 billion five year credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent and Several L/C Agent, and certain other financial institutions as lenders. The Prudential Insurance Company of America is also a party to the Five Year Credit Facility for purposes of providing certain representations, warranties and covenants contained therein, but it is not a borrower under the Five Year Credit Facility. The Five Year Credit Facility amends and restates the company's previously-existing $2 billion five year credit facility and $1.75 billion three year credit facility. The company expects that it may borrow under the Five Year Credit Facility from time to time to fund its working capital needs and those of its subsidiaries. In addition, amounts under the Five Year Credit Facility may be drawn in the form of standby letters of credit that can be used to meet the operating needs of the company and its subsidiaries. Amounts due under the Five Year Credit Facility may be accelerated upon an event of default if not otherwise waived or cured. The company will also pay a commitment fee on undrawn amounts at the rates set out in the credit agreement.
Prudential Individual Life Insurance Announces Executive Appointments
Apr 7 15
Prudential Individual Life Insurance has named Chuck Anderson to the newly formed role of senior vice president, Business Development. In this role, Anderson will be responsible for identifying and implementing opportunities within new markets to expand life insurance distribution and product offerings. He will also continue his leadership role in representing Prudential with major industry organizations and deepening relationships with distribution partners. Randy Zipse will assume overall responsibility for the Advanced Markets team and will lead efforts to deliver innovative solutions, training, and thought leadership around complex life insurance solutions for sales professionals and their clients. Zipse's title is vice president of Advanced Markets. In his previous role, Anderson led Strategic Relationship Management where he was responsible for strategy, business planning and communication with distribution partners. Before joining Prudential in 2014, Zipse served as senior vice president, Advanced Sales, Highland Capital Brokerage.
Prudential Financial, Inc. Introduces Tool, Prutection Score
Mar 17 15
Prudential Group Insurance, a business of Prudential Financial, Inc. introduced a tool that allows employers to measure the financial wellness of their workers. The new tool, called Prutection Score, gauges how financially prepared employees are, should a risk event occur, by looking at the resources available to them personal funds and insurance coverage relative to the resources needed. This holistic approach helps employers determine if their employees are in a position to cover their families’ financial needs should they experience a loss of income or financial challenges linked to a critical illness or accident. Traditionally, many people measured their financial wellness primarily by their ability to pay their bills and by how well they were preparing for retirement. In addition to those key indicators, people must also fully consider the following key financial risks faced during the working years loss of income due to premature death, loss of income due to illness or injury, and out-of-pocket medical and living expenses associated with a critical illness or accident. Through a national survey of 5,335 full-time employees with medical insurance, Prudential has established national Prutection Score benchmarks that show the extent to which American workers are protected against these three financial risks. The higher the score, the better prepared an employee may be to meet his or her financial obligations. In the event of a premature death, the average employee would be able to cover only 71% of the financial needs for a spouse’s or partner’s lifetime and for children until adulthood. In the case of an illness or injury that resulted in the inability to work, the average employee’s household would be able to pay 71% of their monthly expenses using other income sources, such as spousal or partner income and disability insurance benefits. In acritical illness or accident situation, the average employee’s household is equipped to cover just 48% of out-of-pocket expenses through liquid savings and insurance coverage.
RBH Group Partners with Goldman Sachs Urban Investment, Prudential Financial and AeroFfarms to Develop 69,000-Sq. Ft. Indoor Vertical Farm
Mar 12 15
RBH Group, LLC has partnered with Goldman Sachs Urban Investment Group, Prudential Financial, Inc. and AeroFarms in a USD 30 million project to redevelop a 69,000-square foot industrial site in Newark, New Jersey into a indoor vertical farm. Phase One of the project is expected to open later in 2015. The investment partnership said it worked in conjunction with the City of Newark and the New Jersey Economic Development Authority (NJEDA) in the project that is expected to create 78 new jobs to the area. The farm is to serve as the global corporate headquarters for AeroFarms. The partnership said vertical farm is expected to give local residents greater access to locally grown produce. The operation is also an opportunity to introduce new businesses to Newark and to New Jersey.
Prudential Financial, Inc. Approves Amendments to the Amended and Restated By-Laws
Mar 10 15
The Board of Directors of Prudential Financial, Inc. approved amendments to the company’s Amended and Restated By-Laws, effective immediately, to implement a proxy access by-law. Article III, Section 15 has been added to the Amended and Restated By-Laws to permit a shareholder, or a group of up to 20 shareholders, owning 3% or more of the Company’s outstanding capital stock continuously for at least three years to nominate and include in the Company’s proxy materials directors constituting up to 20% of the Board, provided that the shareholders and the nominees satisfy the requirements specified in the Amended and Restated By-Laws. The Amended and Restated By-Laws also make clarifications and updates to the director nomination provisions in Article III, Section 2.