PRINCIPAL FINANCIAL GROUP INC (PFG): debt financing — Principal Financial closes $500M P-Caps issuance; secures $500M senior note facility

PRINCIPAL FINANCIAL GROUP INC

Closed $500M P-Caps issuance via High Street Funding Trust III in Rule 144A private placement.
Proceeds invested in U.S. Treasury strips; Company gains right to issue up to $500M of 5.807% Senior Notes due 2055.
Facility fee of 1.289% per annum on maximum principal; PFSI fully guarantees Senior Notes and obligations.
Mandatory P-Caps redemption on Feb 15, 2055; earlier redemption triggered under certain conditions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PRINCIPAL FINANCIAL GROUP INC incurred senior notes of up to $500,000,000 with High Street Funding Trust III at 5.807% maturing February 15, 2055.

Instrument: senior notes
Principal: up to $500,000,000
Counterparty: High Street Funding Trust III
Rate: 5.807%
Maturity: February 15, 2055
Event: incurrence

Exact text from the filing

On the Closing Date, the Company and PFSI entered into a facility agreement (the “Facility Agreement”) with the Trust and The Bank of New York Mellon Trust Company, N.A., as notes trustee. The Facility Agreement provides that the Company has the right to require the Trust to purchase, on one or more occasions, from the Company (the “Issuance Right”) senior notes in an aggregate principal amount at any one time outstanding and held by the Trust of up to $500,000,000 aggregate principal amount of the Company’s 5.807% Senior Notes due 2055 (the “Senior Notes”).

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Source: SEC EDGAR

accession 0001104659-25-021408

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