PRINCIPAL FINANCIAL GROUP INC (PFG): debt financing — 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.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

PRINCIPAL FINANCIAL GROUP INC incurred senior notes of $400,000,000 aggregate principal amount with High Street Funding Trust I at 4.111% maturing due 2028.

Instrument: senior notes
Principal: $400,000,000 aggregate principal amount
Counterparty: High Street Funding Trust I
Rate: 4.111%
Maturity: due 2028
Event: incurrence

Exact text from the filing

the Company issued $400,000,000 aggregate principal amount of its 2028 Notes to the Trust in exchange for the Eligible Assets

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Source: SEC EDGAR

accession 0001104659-25-026678

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