The company said it raised $400,000,000 in March 2018 through High Street Funding Trust I, a Delaware statutory trust, by issuing 400,000 4.111% pre-capitalized trust securities due 2028 (the P-Caps), as a contingent liquidity funding arrangement.

1. 01

   The company said it raised $400,000,000 in March 2018 through High Street Funding Trust I, a Delaware statutory trust, by issuing 400,000 4.111% pre-capitalized trust securities due 2028 (the P-Caps), as a contingent liquidity funding arrangement.

2. 02

   Principal Financial Group said it fully exercised its put option under the Put Option Agreement on March 19, 2025 and issued $400,000,000 aggregate principal amount of 2028 Notes to the Trust in exchange for the Eligible Assets.

3. 03

   The company said it waived its right to repurchase the 2028 Notes and directed The Bank of New York Mellon to dissolve the Trust under its declaration of trust and deliver the 2028 Notes to the beneficial holders of the 2028 P-Caps pro rata.

4. 04

   The company said the Trust was dissolved on March 20, 2025 and that the beneficial holders of the 2028 P-Caps received the 2028 Notes through The Depository Trust Company.

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AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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