Principal Life Funding talks $300 million of 10-year secured notes at 110 bps area spread

By Cristal Cody

Tupelo, Miss., Aug. 20 – Principal Life Global Funding II plans to price $300 million of 10-year senior secured notes (A1/A+) backed by funding agreements on Thursday, according to a market source.

Initial price talk is in the Treasuries plus 110 basis points area.

Deutsche Bank Securities, Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc. are 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.

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