By Andrea Heisinger
New York, July 10 - Principal Life Global Funding II priced an upsized $350 million of two-year floating-rate notes on Tuesday at par to yield Libor plus 62.5 basis points, a source said.
The deal size was increased from $250 million, the source said.
The notes (Aa3/A+/) are non-callable.
Jefferies & Co. and U.S. Bancorp Investments Inc. were the bookrunners.
The financing unit of Principal Insurance Group is based in Des Moines, Iowa.
Issuer: | Principal Life Global Funding II
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Issue: | Floating-rate notes
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Amount: | $350 million, increased from $250 million
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Maturity: | July 9, 2014
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Bookrunners: | Jefferies & Co., U.S. Bancorp Investments Inc.
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Coupon: | Libor plus 62.5 bps
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Price: | Par
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Yield: | Libor plus 62.5 bps
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Call: | Non-callable
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Trade date: | July 10
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Settlement date: | July 17
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Ratings: | Moody's: Aa3
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| Standard & Poor's: A+
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