By Cristal Cody
Tupelo, Miss., June 16 – Principal Life Global Funding II priced an upsized $500 million of 1.25% five-year senior secured notes (A1/A+) backed by funding agreements on Tuesday at a spread of 92 basis points over Treasuries, according to a market source.
Initial price talk was in the Treasuries plus 120 bps area with guidance firmed to the 95 bps area, plus or minus 3 bps.
The deal was upsized from $350 million.
BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments, Inc. were the bookrunners of the Rule 144A and Regulation S offering.
Principal Life Global Funding II is a debt issuer arm of Principal Financial Group, Inc., a Des Moines-based retirement savings, investment and insurance products company.
| Issuer: | Principal Life Global Funding II
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| Amount: | $500 million
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| Description: | FA-backed senior secured notes
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| Maturity: | June 23, 2025
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| Bookrunners: | BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments, Inc.
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| Coupon: | 1.25%
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| Spread: | Treasuries plus 92 bps
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| Trade date: | June 16
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| Ratings: | Moody’s: A1
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| S&P: A+
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| Distribution: | Rule 144A and Regulation S
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| Price guidance: | Treasuries plus 95 bps area, plus or minus 3 bps; initial talk at Treasuries plus 120 bps area
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