By Cristal Cody
Tupelo, Miss., Dec. 1 – Principal Life Global Funding II priced $600 million of 0.5% senior secured notes due Jan. 12, 2024 (A1/A+) that are backed by funding agreements on Tuesday at a spread of Treasuries plus 30 basis points, according to a market source.
Initial price talk was in the Treasuries plus 45 bps area.
BofA Securities, Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. 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: | $600 million
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| Description: | FA-backed senior secured notes
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| Maturity: | Jan. 12, 2024
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| Bookrunners: | BofA Securities, Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC
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| Coupon: | 0.5%
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| Spread: | Treasuries plus 30 bps
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| Trade date: | Dec. 1
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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 45 bps area
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