By Cristal Cody
Tupelo, Miss., Aug. 3 – Principal Financial Group, Inc. priced a $100 million add-on to its 2.125% senior notes due June 15, 2030 (Baa1/A-/A-) on Monday at 102.883 to yield 1.797%, or a spread of 123 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The company originally sold $500 million of the notes on June 9 at 99.517 to yield 2.179%, or Treasuries plus 135 bps. The total outstanding is now $600 million.
Credit Suisse Securities (USA) LLC was the bookrunner of the add-on.
The notes are guaranteed by Principal Financial Services, Inc.
Proceeds will be used for general corporate purposes.
The investment management company is based in Des Moines.
| Issuer: | Principal Financial Group, Inc.
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| Guarantor: | Principal Financial Services, Inc.
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| Amount: | $100 million reopening
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| Description: | Senior notes
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| Maturity: | June 15, 2030
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| Bookrunner: | Credit Suisse Securities (USA) LLC
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| Coupon: | 2.125%
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| Price: | 102.883
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| Yield: | 1.797%
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| Spread: | Treasuries plus 123 bps
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| Call features: | Make-whole call before March 15, 2030 at greater of par or Treasuries plus 20 bps; thereafter at par
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| Trade date: | Aug. 3
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| Settlement date: | Aug. 6
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| Ratings: | Moody’s: Baa1
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| S&P: A-
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| Fitch: A-
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| Distribution: | SEC registered
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| Total outstanding: | $600 million, including $500 million of notes priced June 9 at 99.517 to yield 2.179%, or Treasuries plus 135 bps
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