---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-026678"
form_type: "8-K"
ticker: "PFG"
cik: "0001126328"
company_name: "PRINCIPAL FINANCIAL GROUP INC"
filed_at: "2025-03-21T23:59:59+00:00"
generated_at: "2026-05-24T08:23:53.892599+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-026678
- form_type: 8-K
- ticker: PFG
- cik: 0001126328
- company_name: PRINCIPAL FINANCIAL GROUP INC
- filed_at: 2025-03-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1126328/000110465925026678/0001104659-25-026678-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1126328/000110465925026678/tm259942d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-026678
- JSON: https://secwatch.observer/filing/0001104659-25-026678.json
- Plain text: https://secwatch.observer/filing/0001104659-25-026678.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.