Principal Financial exercises put, issues $400M 4.111% Senior Notes due 2028

PRINCIPAL FINANCIAL GROUP INC

Exercised put option under 2018 $400M P-Caps arrangement, issuing $400M aggregate principal of 4.111% Senior Notes due 2028.
Company received eligible U.S. Treasury strips from Trust in exchange for the notes.
Trust dissolved March 20, 2025; beneficial holders of P-Caps received 2028 Notes pro rata.
No new cash raised; contingent liquidity facility converted into direct debt obligation.

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