Principal Mutual Buys TransTechnology Notes

TransTechnology Corp. said Principal Mutual Life Insurance Co. in Des Moines, Iowa, bought $40 million of its senior notes. TransTechnology, a Sherman Oaks aerospace company, said the money raised will be used to reduce bank loans.

The notes, due Dec. 1, 1995, carry an interest rate of 9.63%. Smith Barney, Harris Upham was the placement agent.