By Cristal Cody
Tupelo, Miss., Sept. 16 – Protective Life Corp. (Baa1/A-/BBB+) priced $400 million of 3.4% senior notes due Jan. 15, 2030 at a spread of 155 basis points over Treasuries on Friday, according to a market source.
Initial price talk was in the Treasuries plus 160 bps area.
Barclays and Morgan Stanley & Co. LLC were the bookrunners.
Protective Life is a financial services holding company based in Birmingham, Ala.
| Issuer: | Protective Life Corp.
|
| Amount: | $400 million
|
| Maturity: | Jan. 15, 2030
|
| Description: | Senior notes
|
| Bookrunners: | Barclays and Morgan Stanley & Co. LLC
|
| Coupon: | 3.4%
|
| Spread: | Treasuries plus 155 bps
|
| Trade date: | Sept. 13
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
| Price guidance: | Treasuries plus 160 bps area
|
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