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.