By Andrea Heisinger
Omaha, Sept. 25 - Protective Life Secured Trust priced an upsized $300 million of 5.45% five-year medium-term notes Tuesday to yield Treasuries plus 123 basis points, a market source said.
The issue was launched at $250 million.
The non-callable notes (Aa3/AA) were priced at 99.831 to yield 5.489%.
Banc of America Securities LLC was the bookrunner.
The trust is a part of Protective Life Corp., an insurance and investment company based in Birmingham, Ala.
| Issuer: | Protective Life Secured Trust
|
| Issue: | Registered medium-term notes
|
| Amount: | $300 million, upsized from $250 million
|
| Maturity: | Sept. 28, 2012
|
| Bookrunner: | Banc of America Securities LLC
|
| Coupon: | 5.45%
|
| Price: | 99.831
|
| Yield: | 5.489%
|
| Spread: | Treasuries plus 123 bps
|
| Call: | Non-callable
|
| Trade date: | Sept. 25
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
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