Published on 9/13/2007 in the Prospect News Investment Grade Daily.
New Issue: Principal Life prices $150 million three-year floaters to yield Libor plus 40 bps
By Jennifer Chiou
New York, Sept. 13 - Principal Life Income Fundings Trust 32 priced $150 million of floating-rate notes (Aa2/AA) due Sept. 17, 2010 at par to yield Libor plus 40 basis points, according to an FWP with the Securities and Exchange Commission.
Interest is payable quarterly.
The underwriter was Banc of America Securities LLC.
| Issuer: | Principal Life Income Fundings Trust 32
|
| Amount: | $150 million
|
| Maturity: | Sept. 17, 2010
|
| Security description: | Secured medium-term notes
|
| Underwriter: | Banc of America Securities LLC
|
| Coupon: | Libor plus 40 bps
|
| Price: | Par
|
| Yield: | Libor plus 40 bps
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
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