By Aleesia Forni
New York, Dec. 2 – Principal Life Global Funding II sold an upsized $350 million of funding agreement-backed floating-rate notes (A1/A+) on Wednesday at par to yield Libor plus 50 basis points, a market source said.
The deal was upsized from $250 million and sold at the tight side of guidance.
Bookrunners were Deutsche Bank Securities Inc. and UBS Securities LLC.
The notes were sold via Rule 144A and Regulation S.
The financing unit of Principal Insurance Group is based in Des Moines.
| Issuer: | Principal Life Global Funding II
|
| Amount: | $350 million, upsized from $250 million
|
| Description: | Funding agreement backed notes
|
| Maturity: | Dec. 1, 2017
|
| Bookrunners: | Deutsche Bank Securities Inc., UBS Securities LLC
|
| Coupon: | Libor plus 50 bps
|
| Price: | Par
|
| Yield: | Libor plus 50 bps
|
| Trade date: | Dec. 2
|
| Settlement date: | Dec. 9
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
| Distribution: | Rule 144A, Regulation S
|
| Price guidance: | Libor plus 52 bps area (+/- 2 bps)
|
© 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.
