By Andrea Heisinger
Omaha, Dec. 4 - Protective Life Corp. priced $150 million in 6.4% 10-year senior notes Tuesday to yield 250 basis points more than Treasuries, an informed source said.
The non-callable notes (A3/A) priced at 99.945 to yield 6.406%.
Bookrunners were Merrill Lynch, Pierce, Fenner & Smith Inc. and Lehman Brothers Inc.
Proceeds will be used to repay $98 million in outstanding bank debt or for general corporate purposes including the infusion of capital into the company's subsidiaries.
The holding company for subsidiaries providing insurance and investment products is based in Birmingham, Ala.
| Issuer: | Protective Life Corp.
|
| Issue: | Senior notes
|
| Amount: | $150 million
|
| Maturity: | Jan. 15, 2018
|
| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith Inc., Lehman Brothers Inc.
|
| Coupon: | 6.4%
|
| Price: | 99.945
|
| Yield: | 6.406%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Non-callable
|
| Trade date: | Dec. 4
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
