| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for Principal Financial Group, Inc. > News item |
S&P rates Principal Financial notes BBB+
S&P said it assigned a BBB+ senior unsecured debt rating to Principal Financial Group Inc.'s pending issuance of $350 million senior unsecured notes due 2026 and $300 million 30-year senior unsecured notes due 2046.
The proceeds will be used to redeem the company's $300 million 1.85% notes due 2017 and $350 million 8.875% notes due 2019, the agency said.
The company also announced that it is planning to tender $150 million of its 6.05% notes due 2036 with the tender offer financed by holding company cash, S&P said.
The company’s planned transactions will lower interest expense, extend its debt-maturity profile and reduce total outstanding debt, the agency noted.
Including the pending transaction, S&P said it expects financial leverage of 30% to 33% in 2016 and 2017 compared with 36.7% in 2015.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.