principal financial group (PFG) Key Developments
Principal Financial Group Inc. Appoints Blair C. Pickerell to its Board of Directors, Effective from August 17, 2015
May 19 15
Principal Financial Group Inc. announced that Blair C. Pickerell, chairman, Asia, of Nikko Asset Management, has been elected to company's Board of Directors, effective August 17, 2015. Pickerell has been in his current role with Nikko Asset Management since 2010. Prior to that, he was CEO, Asia, at Morgan Stanley Investment Management. Before that, he held positions at a number of asset and investment management organizations in Hong Kong.
Principal Financial Group, Inc. Issues Notice of Redemption of Preferred Stock on June 30, 2015; Announces Preferred Stock Dividend, Payable on June 30, 2015
May 14 15
Principal Financial Group Inc. 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 and all 10,000,000 outstanding shares of its 6.518% Series B Non-Cumulative Perpetual Preferred Stock. 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.
The company 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, and are held in book-entry form through DTC.
The Principal Financial Group Appoints Roger C. Hochschild to the Company's Board of Directors
May 13 15
The Principal Financial Group announced that Roger C. Hochschild, president and chief operating officer for Discover Financial Services, has joined the company's board of directors effective March 18, 2015. His prior experience with wealth management at Morgan Stanley as well as his technology and consumer financial background from Discover fit very well with overall strategy. Hochschild has been in his current role with Discover since 2004.
Principal Financial Group to Offer Senior Notes, Junior Subordinated Notes
May 5 15
Principal Financial Group Inc. announced on May 4, 2015 that it is offering senior notes due 2025 and fixed-to-floating rate junior subordinated notes due 2055. According to separate preliminary prospectus supplements filed May 4, the notes are fully and unconditionally guaranteed by Principal Financial Services Inc. The company plans to use the expected net proceeds from the offerings to redeem its series A non-cumulative perpetual preferred stock and series B non-cumulative perpetual preferred stock, in whole or in part, and the remainder, if any, for general corporate purposes. The series A preferred stock has an aggregate redemption price of $300 million plus accrued and unpaid dividends to the date of redemption, and the series B preferred stock has an aggregate redemption price of $250 million plus accrued and unpaid dividends to the date of redemption.
Principal Financial Group, Inc. Announces Preferred Dividend, Payable on June 30, 2015
Apr 23 15
Principal Financial Group Inc. announced that its board of directors declared a cash dividend of $1.39075 per share on its 5.563% Series A non-cumulative perpetual preferred stock and a cash dividend of $0.407375 per share on its 6.518% Series B non-cumulative perpetual preferred stock. The preferred dividends are payable on June 30, 2015, to preferred stockholders of record as of June 11, 2015.