By Andrea Heisinger
New York, May 18 - Principal Financial Group, Inc. sold $750 million of senior notes (A3/BBB+/) in two tranches late Monday, according to a press release.
The sale consisted of $400 million of 7.875% five-year notes and $350 million of 8.875% 10-year notes.
Full terms were not available at press time.
Bookrunners were Citigroup Global Markets Inc., Credit Suisse Securities and Deutsche Bank Securities Inc.
Proceeds will be used to repay in full or part $441 million of 8.2% unsecured notes due Aug. 15, 2009 and for general corporate purposes.
The notes are guaranteed by Principal Financial Services, Inc.
The savings, investment and insurance company is based in Des Moines.
| Issuer: | Principal Financial Group, Inc.
|
| Guarantor: | Principal Financial Services, Inc.
|
| Issue: | Senior notes
|
| Total amount: | $750 million
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities, Deutsche Bank Securities Inc.
|
| Trade date: | May 18
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
|
|
| Five-year notes
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| Amount: | $400 million
|
| Maturity: | 2014
|
| Coupon: | 7.875%
|
|
|
| 10-year notes
|
| Amount: | $350 million
|
| Maturity: | 2019
|
| Coupon: | 8.875%
|
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