Prudential Financial, Inc. (Prudential) has announced a public offering of $1.25 billion of its Common Stock. The underwriters are provided with a 30-day option to buy up to an additional 15% of the offered amount of Common Stock from Prudential.

The company plans to use the net proceeds derived from the offering for general corporate purposes including the repayment of short-term borrowings or other debt, for strategic initiatives and contributions of capital to its insurance and other subsidiaries.

Goldman, Sachs & Co. and Citi will act as joint bookrunning managers for this offering.

Prudential provides life insurance, retirement-related services, annuities, investment management, mutual funds and real estate services. The company has operations in the US, Europe, Latin America and Asia.