| Pricing Supplement Dated March 22, 2004 333-110499-01 (To Prospectus dated March 5, 2004, and Prospectus Supplement dated March 5, 2004) |
Filed pursuant to Rule 424(b)(2) Registration Statement Nos. 333-110499 and |
| Explanatory Note: This Pricing Supplement is being re-filed solely to include the ISIN and Common Code information. |
CUSIP: 74254PAA0 ISIN: US74254PAA03 Common Code: 018950863 |
Principal Life Insurance Company
Secured Medium-Term Notes
Issued Through
Principal Life Income Fundings Trust 1 (the “Trust”)
The description of this pricing supplement of the particular terms of the Secured Medium-Term Notes offered hereby, and the Funding Agreement (specified below) issued by Principal Life Insurance Company (“Principal Life”) to the Trust, the payment obligations of which are fully and unconditionally guaranteed by the Guarantee (specified below) issued by Principal Financial Group, Inc. to the Trust, supplements the description of the general terms and provisions of the notes, the funding agreements and the guarantees set forth in the accompanying prospectus and prospectus supplement, to which reference is hereby made.
1. The Notes
Principal Amount:
|
$300,000,000 | Purchasing Agent(s) Discount: | 0.350% | |||||||
Issue Price:
|
99.789% | Original Issue Date: | March 29, 2004 | |||||||
Net Proceeds to the Trust:
|
$298,317,000 | Stated Maturity Date: | April 1, 2009 | |||||||
Specified Currency:
|
U.S. Dollars | |
Interest Payment Dates:
|
April 1st and October 1st in each year | |
Initial Interest Payment Date:
|
October 1, 2004 | |
Regular Record Date:
|
15 calendar days prior to the Interest Payment Date | |
Type of Interest Rate:
|
x Fixed Rate o Floating Rate |
Fixed Rate Notes: xYes o No. If, Yes,
Interest Rate: 3.20%
Floating Rate Notes: oYes x No. If, Yes,
Regular Floating Rate Notes: oYes o No. If, Yes,
Floating Rate/Fixed Rate Note: oYes o No. If, Yes,
Inverse Floating Rate Note: oYes o No. If, Yes,
Initial Interest Rate, if any:
Initial Interest Reset Date:
Interest Rate Basis(es). Check all that apply:
o CD Rate
|
o Commercial Paper Rate | |
o CMT Rate
|
o Eleventh District Cost of Funds Rate | |
o LIBOR
|
o Federal Funds Rate | |
o EURIBOR
|
o Treasury Rate | |
o Prime Rate
|
o Other (See Attached) |
If LIBOR:
|
o LIBOR Reuters Page | o LIBOR Moneyline Telerate Page | ||
| LIBOR Currency: |
| If CMT Rate: | ||||
| Designated CMT Telerate Page: | ||||
| If 7052: o Weekly Average o Monthly Average | ||||
| Designated CMT Maturity Index: | ||||
Index Maturity:
Spread (+/-):
Spread Multiplier:
Interest Reset Date(s):
Interest Rate Determination Date(s):
Maximum Interest Rate, if any:
Minimum Interest Rate, if any;
Calculation Agent: Citibank, N.A.
Exchange Rate Agent: Not applicable.
Computation of Interest (not applicable unless different than as specified in the prospectus and prospectus supplement):
Day Count Convention (not applicable unless different than as specified in the prospectus and prospectus supplement):
| Amortizing Note: o x If, Yes, | ||||
| Amortizing Schedule: | ||||
| Additional/Other Terms: | ||||
| Discount Note: oYes x No. If, Yes, | ||||
| Total Amount of Discount: | ||||
| Initial Accrual Period of Discount: | ||||
| Additional/Other Terms: | ||||
| Redemption Provisions: oYes x No. If, Yes, | ||||
| Initial Redemption Date: | ||||
| Initial Redemption Percentage: | ||||
| Annual Redemption Percentage Reduction (if any): | ||||
| Redemption: | o In whole only and not in part | |||
| o May be in whole or in part | ||||
| Additional/Other Terms: | ||||
| Repayment: oYes x No. If, Yes, | ||||
| Repayment Date(s): | ||||
| Repayment Price: | ||||
| Repayment: | o In whole only and not in part | |||
| o May be in whole or in part | ||||
| Additional/Other Terms: | ||||
Sinking Fund (not applicable unless specified):
Additional Amounts to be Paid for Withholding Tax (not applicable unless specified):
Securities Exchange Listing: x Yes o No. If Yes, Name of Exchange: New York Stock Exchange
Authorized Denominations: $1,000
Ratings:
The Notes issued under the Program are rated AA by Standard & Poor’s (“S&P”). Principal Life expects the Notes to be rated Aa3 by Moody’s Investors Service, Inc. (“Moody’s”).
Purchasing Agents Purchasing Notes as Principal: x Yes o No. If Yes,
| Purchasing Agent(s) |
Principal Amount |
|||
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
$ | 120,000,000 | ||
Credit Suisse First Boston LLC |
$ | 120,000,000 | ||
Morgan Stanley & Co. Incorporated |
$ | 30,000,000 | ||
Deutsche Bank Securities Inc. |
$ | 30,000,000 | ||
Total: |
$ | 300,000,000 | ||
Purchasing Agents Acting as Agent: o Yes x No. If Yes,
| Purchasing Agent(s) |
Principal Amount |
|||
Total: |
||||
State of Organization of the Trust:
|
New York | |
Additional/Other Terms:
|
Not applicable. | |
Special Tax Considerations:
|
Not applicable. |
2. The Funding Agreement
Funding Agreement Issuer:
|
Principal Life Insurance Company | |||
Funding Agreement No.:
|
6-11177 | |||
Deposit:
|
$300,000,015 | |||
Net Deposit:
|
$298,317,000 | |||
Effective Date:
|
March 29, 2004 | |||
Stated Maturity Date:
|
April 1, 2004 | |||
Specified Currency:
|
U.S. Dollars | |||
Interest Payment Dates:
|
April 1st and October 1st in each year | |||
Initial Interest Payment Date:
|
October 1, 2004 | |
Type of Interest Rate:
|
x Fixed Rate o Floating Rate |
Fixed Rate Funding Agreement: xYes o No. If, Yes,
Interest Rate: 3.20%
Floating Rate Funding Agreement: oYes x No. If, Yes,
Regular Floating Rate Funding Agreement: oYes o No. If, Yes,
Floating Rate/Fixed Rate Funding Agreement: oYes o No. If, Yes,
Inverse Floating Rate Funding Agreement: oYes o No. If, Yes,
Initial Interest Rate, if any:
Initial Interest Reset Date:
Interest Rate Basis(es). Check all that apply:
o CD Rate
|
o Commercial Paper Rate | |
o CMT Rate
|
o Eleventh District Cost of Funds Rate | |
o LIBOR
|
o Federal Funds Rate | |
o EURIBOR
|
o Treasury Rate | |
o Prime Rate
|
o Other (See Attached) |
If LIBOR:
|
o LIBOR Reuters Page LIBOR Currency: |
o LIBOR Moneyline Telerate Page |
| If CMT Rate: | ||||
| Designated CMT Telerate Page: | ||||
| If 7052: o Weekly Average o Monthly Average | ||||
| Designated CMT Maturity Index: | ||||
Index Maturity:
Spread (+/-):
Spread Multiplier:
Interest Reset Date(s):
Interest Rate Determination Date(s):
Maximum Interest Rate, if any:
Minimum Interest Rate, if any:
Computation of Interest (not applicable unless different than as specified in the prospectus and prospectus supplement):
Day Count Convention (not applicable unless different than as specified in the prospectus and prospectus supplement):
| Amortizing Funding Agreement: oYes x No. If, Yes, | ||||
| Amortizing Schedule: | ||||
| Additional/Other Terms: | ||||
| Discount Funding Agreement: oYes x No. If, Yes, | ||||
| Total Amount of Discount: | ||||
| Initial Accrual Period of Discount: | ||||
| Additional/Other Terms: | ||||
| Redemption Provisions: oYes x No. If, Yes, | ||||
| Initial Redemption Date: | ||||
| Initial Redemption Percentage: | ||||
| Annual Redemption Percentage Reduction (if any): | ||||
| Redemption: | o In whole only and not in part | |||
| o May be in whole or in part | ||||
| Additional/Other Terms: | ||||
| Repayment: oYes x No. If, Yes, | ||||
| Repayment Date(s): | ||||
| Repayment Price: | ||||
| Repayment: | o In whole only and not in part | |||
| o May be in whole or in part | ||||
| Additional/Other Terms: | ||||
Sinking Fund (not applicable unless specified):
Additional Amounts to be Paid For Withholding Tax (not applicable unless specified):
Ratings:
The Funding Agreement issued under the Program is rated AA by S&P. Principal Life expects the Funding Agreement to be rated Aa3 by Moody’s.
Additional/Other Terms:
|
Not applicable. | |
Special Tax Considerations:
|
Not applicable. |
3. The Guarantee
Guarantee Issuer: Principal Financial Group, Inc.
Effective Date:
|
March 29, 2004 | |
Additional/Other Terms:
|
Not applicable. |