By Cristal Cody
Tupelo, Miss., Aug. 20 – Principal Life Global Funding II priced an upsized $400 million of 1.5% 10-year senior secured notes (A1/A+) backed by funding agreements on Thursday at a spread of Treasuries plus 92 basis points, according to a market source.
Initial price talk was in the Treasuries plus 110 bps area.
The deal was upsized from $300 million.
Deutsche Bank Securities, Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) 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: | $400 million
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| Description: | FA-backed senior secured notes
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| Maturity: | Aug. 27, 2030
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| Bookrunners: | Deutsche Bank Securities, Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc.
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| Coupon: | 1.5%
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| Spread: | Treasuries plus 92 bps
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| Trade date: | Aug. 20
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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 110 bps area
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