01—Abstract
Summary
Summary of the 8-K filed September 10, 2026. Cited figures are marked; the original filing is the authoritative source.
Principal Financial Group, Inc. (PFG) disclosed in this Form 8-K that on September 9, 2026, the Company, Principal Financial Services, Inc. (PFSI), and Principal Life Insurance Company (the Borrower) entered into an Amended and Restated Five-Year Credit Facility with a syndicate of banks, with Wells Fargo Bank, N.A. as administrative agent.
The facility refinanced the Company's existing revolving credit facility dated October 18, 2022. The new facility allows borrowing of up to $900,000,000,a with a commitment termination date of September 9, 2031, subject to up to two 1-year extensions. The amount may be increased to a maximum of $1,300,000,000, subject to conditions including that no Event of Default exists, and lenders are not obligated to fund any increase.
The filing states there are currently no borrowings outstanding. Changes include revised commitment fee and margin pricing, removal of the credit spread adjustment previously applicable to Term SOFR borrowings, and additional operational flexibility under certain covenants. Borrowings are unsecured and guaranteed by the Company and PFSI.
The credit agreement includes financial covenants requiring the Borrower to maintain minimum Statutory Surplus of $2,885,208,297b and requiring the Company's Total Debt to Total Capital ratio not to exceed 35%. It also contains customary negative covenants, including limits on liens, mergers and dispositions of substantially all assets, along with customary events of default.
02—Key points
Key Highlights
- Entered an Amended and Restated Five-Year Credit Facility dated September 9, 2026, refinancing the Existing Facility dated October 18, 2022.
- Facility allows borrowing of up to $900,000,000, expandable to a maximum of $1,300,000,000 subject to conditions; no lender is obligated to fund any increase.
- Commitment termination date is September 9, 2031, subject to up to two 1-year extensions.
- No borrowings are currently outstanding under the Credit Facility.
- Removed the credit spread adjustment previously applicable to Term SOFR borrowings and revised the commitment fee and margin pricing grid.
- Financial covenants include minimum Statutory Surplus of $2,885,208,297 for the Borrower and a Total Debt to Total Capital ratio of the Company not exceeding 35%.
- Borrowings are unsecured and guaranteed by the Company and Principal Financial Services, Inc.
03—Questions
Frequently Asked Questions
Who are the parties to the new credit facility?
The Borrower is Principal Life Insurance Company, a wholly-owned subsidiary. Principal Financial Group, Inc. and Principal Financial Services, Inc., a wholly-owned subsidiary, are guarantors. Wells Fargo Bank, N.A. is administrative agent for a syndicate of lenders.
How much can be borrowed under the facility, and can it be increased?
Borrowings are permitted up to $900,000,000. The amount available may be increased to a maximum of $1,300,000,000, subject to conditions in the Credit Facility, including that no Event of Default exists. Lenders are not obligated to provide any increase.
When does the facility mature?
The commitment termination date is September 9, 2031, subject to up to two 1-year extensions under the terms of the Credit Facility. Any borrowings would mature no later than September 9, 2031.
What are the main financial covenants?
The Borrower must maintain minimum Statutory Surplus of $2,885,208,297, and the Company's Total Debt to Total Capital ratio must not exceed 35%, each as defined in the Credit Facility.
Does the company currently have debt outstanding under this facility?
No. The filing states there are currently no borrowings outstanding under the Credit Facility.
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