New Issue: Principal Life prices $300 million two-year secured notes at Libor plus 30 bps

By Cristal Cody

Tupelo, Miss., June 27 – Principal Life Global Funding II priced $300 million of two-year senior secured floating-rate notes (A1/A+) at Libor plus 30 basis points on Wednesday, a market source said.

Deutsche Bank Securities Inc. was the bookrunner.

Principal Life Global Funding II is a Wilmington, Del.-based financing arm of the Principal Life Insurance Co.

Issuer:	Principal Life Global Funding II
Amount:	$300 million
Description:	Senior secured floating-rate notes
Maturity:	June 26, 2020
Bookrunner:	Deutsche Bank Securities Inc.
Coupon:	Libor plus 30 bps
Trade date:	June 27
Ratings:	Moody’s: A1
	S&P: A+

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