By Cristal Cody
Tupelo, Miss., Nov. 17 – Principal Life Global Funding II priced $300 million of 1.625% 10-year senior secured notes (A1/A+) backed by funding agreements with a Treasuries plus 75 basis points spread, according to a market source.
Initial price talk was in the Treasuries plus 90 bps area.
Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC 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: | $300 million
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| Description: | FA-backed senior secured notes
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| Maturity: | Nov. 19, 2030
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| Bookrunners: | Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc. and Wells Fargo Securities LLC
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| Coupon: | 1.625%
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| Spread: | Treasuries plus 75 bps
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| Trade date: | Nov. 12
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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 90 bps area
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