Principal Financial to price $500 million 10-year senior notes

By Devika Patel

Knoxville, Tenn., May 7 – Principal Financial Group, Inc. is expected to sell $500 million of fixed-rate senior notes due 2029, according to a 424B5 filing with the Securities and Exchange Commission.

The notes feature a make-whole call until three months prior to maturity and then a par call.

Citigroup Global Markets Inc., BofA Merrill Lynch, Goldman Sachs & Co. LLC, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and U.S. Bancorp Investments Inc. are the bookrunners.

The notes are guaranteed by Principal Financial Services, Inc.

Proceeds will be used to acquire Wells Fargo Bank, NA's Institutional Retirement & Trust business unit.

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

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