DES MOINES, Iowa--(BUSINESS WIRE)--May. 11, 2009--
Principal Financial Group, Inc.(NYSE:PFG) announced today a proposed
offering of 42,250,000 shares of common stock to the public. The net
proceeds from the offering will be used for general corporate purposes.
The underwriters will have a 30-day option to purchase 6,337,500 shares
representing an additional 15 percent of the offering amount from The
Principal to cover overallotments, if any.
Merrill Lynch & Co. is the sole book-running manager for the offering.
The shares are being offered pursuant to the company’s effective shelf
registration statement on file with the Securities and Exchange
Commission. The proposed offering will be made only by means of a
prospectus and related prospectus supplement. Copies of the prospectus
and prospectus supplement for the offering may be obtained from Merrill
Lynch & Co. 4 World Financial Center, New York, New York 10080,
This press release is neither an offer to sell, nor a solicitation of an
offer to buy, nor shall there be any sale of shares of common stock in
any state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
Forward looking and cautionary statements
This press release may contain forward-looking statements, including,
without limitation, statements as to sales targets, sales and earnings
trends, and management's beliefs, expectations, goals and opinions. The
company does not undertake to update these statements, which are based
on a number of assumptions concerning future conditions that may
ultimately prove to be inaccurate. Future events and their effects on
the company may not be those anticipated, and actual results may differ
materially from the results anticipated in these forward-looking
statements. The risks, uncertainties and factors that could cause or
contribute to such material differences are discussed in the company's
annual report on Form 10-K for the year ended December 31, 2008 and
quarterly report on Form 10-Q for the quarter ended March 31, 2009, each
filed by the company with the Securities and Exchange Commission. These
risks and uncertainties include, without limitation: competitive
factors; volatility of financial markets; decrease in ratings; interest
rate changes; inability to attract and retain sales representatives;
international business risks; foreign currency exchange rate
fluctuations; a pandemic, terrorist attack or other catastrophic event;
default of the company’s re-insurers; and investment portfolio risks.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)1
is a leader in offering businesses, individuals and institutional
clients a wide range of financial products and services, including
retirement and investment services, life and health insurance, and
banking through its diverse family of financial services companies. A
member of the Fortune 500, the Principal Financial Group has $236.6
billion in assets under management2 and serves some 18.8
million customers worldwide from offices in Asia, Australia, Europe,
Latin America and the United States. Principal Financial Group, Inc. is
traded on the New York Stock Exchange under the ticker symbol PFG. For
more information, visit www.principal.com.
1 "The Principal Financial Group" and “The Principal” are
registered service marks of Principal Financial Services, Inc., a member
of the Principal Financial Group.
2 As of March 31, 2009
Source: Principal Financial Group, Inc.
Principal Financial Group, Inc.
515-248-2268 (w) or 515-240-7558 (c)
Quinn, 515-247-7468 (w) or 515-778-2786 (c)