PRUDENTIAL FINANCIAL INC
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
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15. Short-Term and Long-Term Debt
- SHORT-TERM AND LONG-TERM DEBT
Short-term Debt
The table below presents the Company’s short-term debt as of the dates indicated:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ($ in millions) | ||
| Commercial paper: | ||
| Prudential Financial | $25 | $25 |
| Prudential Funding, LLC | 849 | 496 |
| Subtotal commercial paper | 874 | 521 |
| Current portion of long-term debt: | ||
| Senior notes | 512 | 0 |
| Surplus notes | 0 | 347 |
| Mortgage debt | 0 | 85 |
| Subtotal current portion of long-term debt | 512 | 432 |
| Subtotal | 1,386 | 953 |
| Less: assets under set-off arrangements(1) | 0 | 0 |
| Total short-term debt(2) | $1,386 | $953 |
| Supplemental short-term debt information: | ||
| Portion of commercial paper borrowings due overnight | $360 | $310 |
| Daily average commercial paper outstanding for the quarter ended | $2,304 | $1,823 |
| Weighted average maturity of outstanding commercial paper, in days | 7 | 15 |
| Weighted average interest rate on outstanding commercial paper | 4.09% | 4.61% |
(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in short-term debt.
(2)Includes Prudential Financial debt of $537 million and $25 million at September 30, 2025 and December 31, 2024, respectively.
Prudential Financial and certain subsidiaries have access to external sources of liquidity, including membership in the FHLBNY, a funding agreement facility with the Federal Agricultural Mortgage Company (“Farmer Mac”), commercial paper programs and contingent financing facilities in the form of facility agreements. The Company also maintains syndicated, unsecured committed credit facilities as an alternative source of liquidity. At September 30, 2025, no amounts were drawn on these syndicated, unsecured committed credit facilities. For additional information regarding these sources of liquidity, see Note 18 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Long-term Debt
The table below presents the Company’s long-term debt as of the dates indicated:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| (in millions) | ||
| Fixed-rate obligations: | ||
| Surplus notes subject to set-off arrangements(1)(2) | $15,412 | $14,748 |
| Senior notes | 10,719 | 10,245 |
| Mortgage debt(3) | 143 | 69 |
| Floating-rate obligations: | ||
| Line of credit | 255 | 255 |
| Mortgage debt(3) | 85 | 31 |
| Junior subordinated notes(4) | 7,595 | 8,587 |
| Subtotal | 34,209 | 33,935 |
| Less: assets under set-off arrangements(1) | 15,412 | 14,748 |
| Total long-term debt(5) | $18,797 | $19,187 |
(1)The surplus notes have corresponding assets where rights to set-off exist, thereby reducing the amount of surplus notes included in long-term debt.
(2)Amount includes $7.4 billion of surplus notes used to finance Guideline AXXX reserves for business reinsured to Somerset Re in March 2024. See Note 12 for additional information.
(3)Includes $195 million and $100 million of debt denominated in foreign currency at September 30, 2025 and December 31, 2024, respectively.
(4)Includes Prudential Financial debt of $7,553 million and $8,548 million at September 30, 2025, and December 31, 2024, respectively. Also includes subsidiary debt of $42 million and $39 million denominated in foreign currency at September 30, 2025, and December 31, 2024, respectively.
(5)Includes Prudential Financial debt of $18,272 million and $18,793 million at September 30, 2025 and December 31, 2024, respectively.
At September 30, 2025 and December 31, 2024, the Company was in compliance with all debt covenants related to the borrowings in the table above.
Senior Notes
In August 2024, the Company recommenced sales of InterNotes® Retail Notes under its shelf registration statement. These notes support the Company’s Institutional Retirement Strategies business through the purchase of funding agreements on which the segment will earn investment spread. As of September 30, 2025, the outstanding balance of the InterNotes® Retail Notes was $602 million of which $374 million was utilized for Institutional Retirement Strategies, as described above and $228 million were used for general corporate purposes.
In March 2025, the Company issued $750 million in aggregate principal amount of 5.200% medium-term notes due in March 2035.
Junior Subordinated Notes
In May 2025, the Company redeemed, in full, $1.0 billion in aggregate principal amount of 5.375% junior subordinated notes due in 2045.
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