By Cristal Cody
Tupelo, Miss., June 2 – Protective Life Global Funding priced an upsized $500 million of 1.082% three-year funding agreement-backed notes (A1/AA-/A+) at a spread of 87.5 basis points over Treasuries on Tuesday, according to a market source.
Initial price talk was in the Treasuries plus 115 bps area.
The offering was upsized from $300 million.
Barclays, Citigroup Global Markets Inc., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC were the bookrunners.
The company held fixed income investor calls on Monday for the Rule 144A and Regulation S offering.
Protective Life Global Funding is a Charlotte, N.C.-based debt financing vehicle for Protective Life Insurance Co.
| Issuer: | Protective Life Global Funding
|
| Amount: | $300 million
|
| Maturity: | June 9, 2023
|
| Description: | Funding agreement-backed notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 1.082%
|
| Spread: | Treasuries plus 87.5 bps
|
| Trade date: | June 2
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: A+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Fixed income investor calls
|
| Price guidance: | Treasuries plus 115 bps area
|
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