NEW YORK(

TheStreet

) --

Prudential Financial

(PRU) - Get Report

priced a $1 billion stock offering.

The

insurer

said it is selling over 18.3 million shares at a price of $54.50 per share.

The proceeds, which should total about $970 million, will be used to help pay off its acquisitions of two Japanese life insurance units from

American International Group

(PRU) - Get Report

.

Citigroup

(C) - Get Report

,

Bank of America Merrill Lynch

(BAC) - Get Report

,

UBS

(UBS) - Get Report

and

Barclays Capital

(BCS) - Get Report

will serve as joint bookrunning managers for the offering.

--Written by Maria Woehr in New York.

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Maria Woehr

.

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