Principal Financial Group plans to exercise 2028 put option, redeem $400M 2025 notes

PRINCIPAL FINANCIAL GROUP INC

Intends to exercise full put option under 2018 agreement to exchange $400M 4.111% senior notes for Treasury strips.
Proceeds from new 2055 pre-capitalized trust securities will redeem $400M 3.400% senior notes due May 15, 2025.
Transaction conditional on offering, sale, and settlement of new pre-capitalized trust securities; no assurances given.
Upon exercise, will direct dissolution of High Street Funding Trust I and deliver 2028 notes to P-Cap holders.
Refinancing extends debt maturity profile; 2025 notes redeemed early if deal completes.

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