Prudential Offering Prices At $39 Per Share

NEWARK, N.J. (AP) — Prudential Financial Inc. late Tuesday said it priced an offering of just over 32 million of its shares priced at $39 each.

The underwriters have been granted a 30-day option to buy up to an additional 4.8 million shares.

The offering, which will raise about $1.2 billion, is expected to close Monday.

The Newark, N.J.-based life insurance and financial services firm said it would use the funds for general corporate purposes, "which may include contributions of capital to its insurance and other subsidiaries and the repayment of short-term borrowings or other debt, or for potential strategic initiatives."

Earlier this week, Prudential said it will not participate in the Treasury's Department's Troubled Asset Relief Program, and instead raise about $1.25 billion on its own. Last month, the government said it would allow Prudential and five other major insurers to tap the program for additional capital. The other insurers included Hartford Financial Services Group Inc., Allstate Corp., Lincoln National Corp., Ameriprise Financial Inc. and Principal Financial Group Inc.

Allstate and Ameriprise declined to accept the funds.

Shares of Prudential closed at $41.70 Tuesday. The stock has ranged from $10.63 to $89.82 over the past year.