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.

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