By Jennifer Chiou
New York, March 12 - Principal Life Income Fundings Trust 35 priced a $200 million offering of extendible notes with 13-month initial maturity and two-year final maturity, according to an FWP filing with the Securities and Exchange Commission.
The notes bear interest at Libor plus 25 basis points until April 2009 and at Libor plus 30 bps thereafter. Interest is payable quarterly.
Holders may extend the maturity of all or a portion of their notes during the notice period for each monthly election date, starting on April 9, 2008 and ending on March 9, 2009. The notice period will be the five business days prior to the election date.
For the final interest period, interest will be paid based on the Libor rate according to the duration of the period. For example, if the final interest period is one month, interest will be based on one-month Libor.
The notes are rated Aa2 by Moody's Investors Service and AA by Standard & Poor's and are being priced at par.
Banc of America Securities and Wachovia Securities are the underwriters.
| Issuer: | Principal Life Income Fundings Trust 35
|
| Issue: | Extendible notes
|
| Amount: | $200 million
|
| Maturity: | April 9, 2009 (initial); March 19, 2010 (final)
|
| Coupon: | Libor plus 25 basis points up to April 2009; Libor plus 30 bps thereafter; payable quarterly
|
| Price: | Par
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Underwriters: | Banc of America Securities LLC, Wachovia Securities
|
| Settlement date: | March 19
|
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