Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Life Health > Running Your Business

Principal To Buy Back Stock

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

Principal Financial Group Inc. says its board has approved a program to spend up to $250 million on buying back the company’s common stock.

Principal, Des Moines, Iowa, spent $500 million on buying back 9.33 million shares of common stock through an earlier buyback program the company set up in May, the company says.

Principal now has about 268 million shares of common stock outstanding.

Through the new repurchase program, Principal could end up reducing the number of shares outstanding about 2%.

Principal also says it will increase the amount it is borrowing through a 30-year fixed-rate senior note offering to $600 million, from a total of $500 million announced in October.

The coupon rate on the notes is 6.05%.

Principal plans to use the extra $100 million in cash for general corporate purposes, the company says.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.