Form 424B2 PRUDENTIAL FINANCIAL

May 27, 2025 3:08 PM EDT

This pricing supplement, which is not complete, relates to an automatically effective Registration Statement under the Securities Act of 1933, as amended. We may not sell the notes until we deliver a final pricing supplement. This pricing supplement and the accompanying prospectus supplement and prospectus are not an offer to sell these notes in any jurisdiction where such an offer would not be permitted.

Subject to completion, dated May 27, 2025

 

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Prudential Financial InterNotes®, Due Six Months or More from Date of Issue

Filed under Rule 424(b)(2), Registration Statement No. 333-277590

Preliminary Pricing Supplement No. 21 - Dated Tuesday, May 27, 2025. To Prospectus Dated March 1, 2024 and Prospectus Supplement dated August 5, 2024

Investors should read this pricing supplement in conjunction with the Prospectus and Prospectus Supplement.

 

CUSIP
Number		   Aggregate
Principal Amount		   Selling
Price		   Gross
Concession		   Net
Proceeds		   Interest
Type		   Interest
Rate		   Payment
Frequency		   Maturity
Date		   1st Interest
Payment
Date		   1st Interest
Payment
Amount		   Survivor’s
Option*		  

Product

Ranking

74432BA24

   []   100.000%   0.550%   []   Fixed   4.300%   Semi-Annual   06/15/2027   12/15/2025   $22.69   Yes   Senior Unsecured Notes

 

We will pay you interest on the notes on a Semi-Annual basis on Jun 15th and Dec 15th. The first such payment will be made on Dec 15, 2025. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid.

 

Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.2000% of the principal amount.

 

Redemption Information: Non-Callable

 

Purchasing Agent: InspereX LLC Agents: BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors

 

74432BA32

   []   100.000%   1.250%   []   Fixed   4.500%   Semi-Annual   06/15/2030   12/15/2025   $23.75   Yes   Senior Unsecured Notes

 

We will pay you interest on the notes on a Semi-Annual basis on Jun 15th and Dec 15th. The first such payment will be made on Dec 15, 2025. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid.

 

Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.6000% of the principal amount.

 

Redemption Information: Non-Callable

 

Purchasing Agent: InspereX LLC Agents: BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors

 

74432BA40

   []   100.000%   1.800%   []   Fixed   5.250%   Semi-Annual   06/15/2035   12/15/2025   $27.71   Yes   Senior Unsecured Notes

 

Subject to our redemption right, we will pay you interest on the notes on a Semi-Annual basis on Jun 15th and Dec 15th. The first such payment will be made on Dec 15, 2025. The interest rate per annum and stated maturity date are set out above. The regular record dates for your notes are each business day preceding each date on which interest is paid.

 

Any notes sold by the selling agents to securities dealers, or by securities dealers to certain other brokers or dealers, may be sold at a discount from the initial selling price up to 0.9000% of the principal amount.

 

Redemption Information: Callable at 100.000% on 06/15/2027 and every interest payment date thereafter.

 

This tranche of Prudential Financial, Inc. InterNotes (CUSIP 74432BA40) will be subject to redemption at the option of Prudential Financial, Inc., in whole on the interest payment date occurring on 06/15/2027 and on any interest payment date thereafter at a redemption price equal to 100% of the principal amount of this tranche of Prudential Financial, Inc. InterNotes plus accrued and unpaid interest thereon, if any, upon at least 30 Calendar Days prior notice to the noteholder and the trustee, as described in the prospectus supplement.

Additional Information: The notes do not amortize and are not zero coupon or original discount notes.

Purchasing Agent: InspereX LLC Agents: BofA / Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital Markets, Wells Fargo Advisors

 

 

 

Offering Date: Tuesday, May 27, 2025 through Monday, June 2, 2025

Trade Date: Monday, June 2, 2025 @ 12:00 PM ET

Settle Date: Thursday, June 5, 2025

Minimum Denomination/Increments: $1,000.00/$1,000.00

Initial trades settle flat and clear SDFS: DTC Book-Entry only

DTC Number 0235 via RBC Dain Rauscher Inc.

   

Prudential Financial, Inc.

Prudential Financial Internotes®

Prospectus Dated March 1, 2024 and

Prospectus Supplement Dated August 5, 2024

If the maturity date, redemption date or an interest payment date for any note is not a business day (as that term is defined in the prospectus), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date, redemption date or interest payment date (following unadjusted business day convention).

* The survivor’s option feature of your note is subject to important limitations, restrictions and procedural requirements further described on page S-32 of your prospectus supplement.

The Bank of New York will act as trustee for the Notes. Citibank, N.A., will act as paying agent, registrar and transfer agent for the Notes and will administer any survivor’s options with respect thereto.

InterNotes® is a registered trademark of InspereX Holdings LLC. All Rights Reserved.

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