By Aleesia Forni
Virginia Beach, March 31 – Principal Life Global Funding II priced an upsized $500 million issue of 2.2% five-year funding agreement-backed notes to yield Treasuries plus 85 basis points on Tuesday, a market source said.
Pricing was at 99.868 to yield 2.228%.
The notes were sold at the tight end of initial price talk set in the low-90 bps area.
Credit Suisse Securities (USA) LLC and U.S. Bancorp Investments Inc. were the bookrunners for the Rule 144A and Regulation S deal.
The financing unit of Principal Insurance Group is based in Des Moines.
| Issuer: | Principal Life Global Funding II
|
| Issue: | Funding agreement-backed notes
|
| Amount: | $500 million, upsized from $350 million
|
| Maturity: | April 8, 2020
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, U.S. Bancorp Investments Inc.
|
| Coupon: | 2.2%
|
| Price: | 99.868
|
| Yield: | 2.228%
|
| Spread: | 85 bps over Treasuries
|
| Trade date: | March 31
|
| Settlement date: | April 8
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
| Distribution: | Rule 144A, Regulation S
|
| Initial talk: | Low-90 bps area over Treasuries
|
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