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Principal Financial Group, 6.518% Series B Non-cumul Perp Preferred Stock
Ticker Symbol: PFG-B* CUSIP: 74251V300 Exchange: NYSE
* NOTE: This security is no longer trading as of 6/30/2015
Security has been Called for: Tuesday, June 30, 2015
May 13, 2015 -- Principal Financial Group, Inc. today announced that it has issued notices to redeem on June 30, 2015 all 3,000,000 outstanding shares of its 5.563% Series A Non-Cumulative Perpetual Preferred Stock (OTC: PFGZP, CUSIP No. 74251V201) and all 10,000,000 outstanding shares of its 6.518% Series B Non-Cumulative Perpetual Preferred Stock (NYSE: PFG-B, CUSIP No. 74251V300). The Series A Preferred Stock will be redeemed at a redemption price of $100 per share and the Series B Preferred Stock will be redeemed at a redemption price of $25 per share, representing $550 million in aggregate. As previously announced, a cash dividend of $1.39075 per share of Series A Preferred Stock and a cash dividend of $0.407375 per share of Series B Preferred Stock will be paid on June 30, 2015 to holders of record as of June 11, 2015. On the redemption date, dividends on the Series A Preferred Stock and Series B Preferred Stock will cease to accrue. The notices of redemption were mailed to the respective holders of record of the Series A Preferred Stock and Series B Preferred Stock on May 13, 2015. All of the shares of Series A Preferred Stock and Series B Preferred Stock being called for redemption are held by Cede & Co., as nominee of The Depositary Trust Company (“DTC”), and are held in book-entry form through DTC. Accordingly, all of the shares of Series A Preferred Stock and Series B Preferred Stock will be redeemed according to DTC’s procedures, including payment of the redemption price. The notices to holders of the Series A Preferred Stock and the Series B Preferred Stock specifying the terms, conditions and procedures for the redemption are available through DTC and the Transfer Agent, Computershare Trust Company, N.A. Questions regarding the redemption of the Series A Preferred Stock and Series B Preferred Stock, or the procedures therefore, may be directed to Computershare Trust Company, N.A. at 1-855-396-2084.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Principal Financial Group, 6.518% Series B Non-cumulative Perpetual Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/30/2015 at $25 per share plus declared and unpaid dividends, with no stated maturity, and with noncumulative distributions (for the initial fixed rate period through 6/30/2035) of 6.518% ($1.6295) per annum paid quarterly on 3/30, 6/30, 9/30 & 12/30 to holders of record on the date fixed by the board, not more than 60 days or less than 10 days prior to the payment date. See page S-3 of the prospectus for information on the dividend rate after 6/30/2035. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (PFG)
IPO - 6/15/2005 - 10.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $250.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 711 High Street, Des Moines, IA 50392 |
| Main Phone Number |
515-247-5111 |
| Fax Number |
515-235-5491 |
| Investor Contact (VP)
John Egan
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515-235-9500
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| Toll Free Phone Number |
800-986-3343 |
| CEO - Larry D. Zimpleman |
CFO - Terrance J. Lillis |
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