By Sheri Kasprzak
New York, Oct. 5 - Principal Life Income Fundings Trust 33 negotiated the terms of a $250 million offering of secured medium-term notes.
The two-year notes bear interest at Fed Funds plus 50 basis points annually and have a discount margin of Fed Funds plus 53 basis points.
The notes are rated Aa2/AA and are being priced at 99.94281.
Lehman Brothers and Banc of America Securities are the joint bookrunners.
Issuer: | Principal Life Income Fundings Trust 33
|
Issue: | Secured medium-term notes
|
Amount: | $250 million
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Maturity: | Oct. 9, 2009
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Coupon: | Fed Funds plus 50 bps
|
Price: | 99.94281
|
Discount margin: | Fed Funds plus 53 bps
|
Ratings: | Moody's: Aa2
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| S&P: | AA
|
Bookrunners: | Lehman Brothers, Banc of America Securities
|
Trade date: | Oct. 4
|
Settlement date: | Oct. 10
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