By Devika Patel and Cristal Cody
Knoxville, Tenn., April 6 – Principal Life Global Funding II priced $600 million of notes in two tranches on Monday, according to a market source.
The issuer sold $300 million of three-year floating-rate notes at SOFR plus 45 basis points.
It also priced $300 million of three-year fixed-rate notes at a spread of 43 bps over Treasuries.
The fixed-rate tranche was guided in the Treasuries plus 45 basis points area after initially being talked in the Treasuries plus 65 bps area.
Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC were bookrunners for the notes.
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
|
| Amount: | $600 million
|
| Description: | Notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC
|
| Trade date: | April 5
|
|
|
| Three-year floaters
|
| Amount: | $300 million
|
| Description: | Floating-rate notes
|
| Maturity: | April 12, 2024
|
| Coupon: | SOFR plus 45 bps
|
|
|
| Three-year notes
|
| Amount: | $300 million
|
| Description: | Fixed-rate notes
|
| Maturity: | April 12, 2024
|
| Spread: | Treasuries plus 43 bps
|
| Price guidance: | Treasuries plus 45 basis points area, plus or minus 2 bps; initial talk in Treasuries plus 65 bps area
|
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