Principal Financial plans $650 million fixed-rate notes in two parts

By Devika Patel

Knoxville, Tenn., Nov. 3 – Principal Financial Group, Inc. intends to offer $650 million of senior notes in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are guaranteed by Principal Financial Services, Inc.

The notes will be sold in two fixed-rate tranches due in 2026 and in 2046.

The notes will have make-whole calls and par calls.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Barclays, BofA Merrill Lynch, Goldman Sachs & Co., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used with available cash to purchase any 1.85% notes and 8.875% notes tendered in a tender offer and to redeem any 1.85% notes and 8.875% notes that are not tendered.

The retirement savings, investment and insurance products company is based in Des Moines.

© 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.