By Cristal Cody
Tupelo, Miss., Nov. 14 – Principal Life Global Funding II priced $400 million of 2.25% five-year senior secured notes (A1/A+) backed by funding agreements at a spread of 65 basis points over Treasuries on Thursday, according to a market source.
Initial price talk was in the Treasuries plus high 70 bps spread area.
The deal was upsized from $300 million.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. were the bookrunners of the Rule 144A and Regulation S offering.
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
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| Amount: | $400 million
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| Description: | FA-backed senior secured notes
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| Maturity: | Nov. 21, 2024
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| Bookrunners: | Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.
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| Coupon: | 2.25%
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| Spread: | Treasuries plus 65 bps
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| Trade date: | Nov. 14
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| Ratings: | Moody’s: A1
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| S&P: A+
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| Distribution: | Rule 144A and Regulation S
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| Price guidance: | Treasuries plus high 70 bps area
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