By Cristal Cody
Tupelo, Miss., July 8 – Protective Life Global Funding priced an upsized $400 million of 1.17% five-year senior secured notes (A1/AA-/A+) at a spread of 88 basis points over Treasuries on Wednesday, according to a market source.
Initial price talk was in the Treasuries plus 105 bps area with guidance firmed to the 90 bps area, plus or minus 2 bps.
The offering was upsized from $300 million.
BofA Securities, Inc., Deutsche Bank Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the bookrunners of 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
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| Amount: | $400 million
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| Maturity: | July 15, 2025
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| Description: | Senior secured notes
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| Bookrunners: | BofA Securities, Inc., Deutsche Bank Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
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| Coupon: | 1.17%
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| Spread: | Treasuries plus 88 bps
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| Trade date: | July 8
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| Ratings: | Moody’s: A1
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| S&P: AA-
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| Fitch: A+
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| Distribution: | Rule 144A and Regulation S
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| Price guidance: | Treasuries plus 90 bps area, plus or minus 2 bps; initial talk at Treasuries plus 105 bps area
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