New Issue: Protective Life prices $400 million 3.1% five-year senior notes at 78 bps spread

By Cristal Cody

Tupelo, Miss., April 8 – Protective Life Corp. (Baa1/A-/A-) sold $400 million of 3.1% five-year senior notes at a spread of 78 basis points over Treasuries on Monday, according to a market source.

The notes were initially talked to print in the Treasuries plus 90 bps area with guidance firmed to the 80 bps spread area.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc. were the bookrunners.

Protective Life is a financial services holding company based in Birmingham, Ala.

Issuer:	Protective Life Corp.
Amount:	$400 million
Maturity:	April 15, 2024
Description:	Senior notes
Bookrunners:	Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and U.S. Bancorp Investments, Inc.
Coupon:	3.1%
Spread:	Treasuries plus 78 bps
Trade date:	April 8
Ratings:	Moody’s: Baa1
	S&P: A-
	Fitch: A-
Price guidance:	Treasuries plus 80 bps area, plus or minus 2 bps; initial price talk at Treasuries plus 90 bps area

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