Debevoise & Plimpton LLP has advised Principal Financial Group (“PFG”) in connection with the offer and sale by High Street Funding Trust III (the “Trust”) of $500 million in Pre-Capitalized Trust Securities Redeemable February 15, 2055. In connection with the transaction, the Trust entered into a facility agreement with PFG, pursuant to which PFG or certain of its assignees have the right from time to time to require the Trust to purchase up to $500 million of PFG’s unsecured 5.807% Senior Notes due 2055.

The Debevoise team was led by capital markets partners Benjamin Pedersen and Peter Loughran and included associates Jason Auman, Alice Gu and Leor Leben and law clerk Cindy Tu, and tax partner Daniel Priest and associate Martin Connor.