By Cristal Cody
Chicago, Dec. 6 – Protective Life Global Funding priced $525 million of 5.467% funding agreement-backed notes with a five-year tenor, according to a market source.
The notes priced at Treasuries plus 132 basis points after talk had them coming in the Treasuries plus 155 bps area.
Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and SMBC Nikko Securities America Inc. were bookrunners.
Protective Life Global Funding is a Charlotte, N.C.-based debt financing vehicle for Protective Life Insurance Co.
| Issuer: | Protective Life Global Funding
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| Amount: | $525 million
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| Issue: | Funding agreement-backed notes
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| Maturity: | Dec. 8, 2028
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| Bookrunners: | Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and SMBC Nikko Securities America Inc.
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| Coupon: | 5.467%
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| Spread: | Treasuries plus 132 bps
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| Trade date: | Dec. 5
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| Price talk: | Treasuries plus 155 bps area
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