By Andrea Heisinger
New York, Oct. 7 - Protective Life Corp. sold $100 million of 8% 15-year senior notes on Wednesday at par of $20, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/A-/BBB) priced to yield 8%. They are callable on or after Oct. 15, 2014 at par plus accrued interest.
Bank of America Merrill Lynch and Wells Fargo Securities ran the books.
Proceeds will be used to purchase newly issued surplus notes by the company's indirect insurance subsidiary Golden Gate Captive Insurance Co.
The financial and insurance products provider is based in Birmingham, Ala.
| Issuer: | Protective Life Corp.
|
| Issue: | Senior notes
|
| Amount: | $100 million
|
| Maturity: | Oct. 15, 2024
|
| Bookrunners: | Bank of America Merrill Lynch, Wells Fargo Securities
|
| Coupon: | 8%
|
| Price: | Par of $20
|
| Yield: | 8%
|
| Call: | On or after Oct. 15, 2014 at par plus accrued interest
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 9
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Fitch: BBB
|
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