By Devika Patel and Cristal Cody
Knoxville, Tenn., Aug. 19 – Principal Life Global Funding II priced $600 million of funding agreement-backed notes in two tranches on Wednesday, according to a market source.
The issuer sold $300 million of three-year floating-rate notes at SOFR plus 38 basis points. These notes were talked at SOFR plus a spread.
The company also priced $300 million of three-year 0.75% notes at a spread of 33 bps over Treasuries.
The fixed-rate tranche was guided in the Treasuries plus 50 bps to 55 bps area.
BofA Securities Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were bookrunners.
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: | Funding agreement-backed notes
|
| Bookrunners: | BofA Securities Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
|
| Trade date: | Aug. 18
|
|
|
| Three-year floaters
|
| Amount: | $300 million
|
| Description: | Floating-rate notes
|
| Maturity: | Aug. 23, 2024
|
| Coupon: | SOFR plus 38 bps
|
| Guidance: | SOFR plus a spread
|
|
|
| Three-year notes
|
| Amount: | $300 million
|
| Description: | Fixed-rate notes
|
| Maturity: | Aug. 23, 2024
|
| Coupon: | 0.75%
|
| Spread: | Treasuries plus 33 bps
|
| Price guidance: | Treasuries plus 50 bps to 55 bps area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
