By Cristal Cody
Tupelo, Miss., Sept. 14 – Protective Life Global Funding priced $350 million of 1.737% 10-year funding agreement-backed notes (A1/AA-/A+) at a Treasuries plus 107 basis points spread on Monday, according to a market source.
Initial price talk was in the Treasuries plus 125 bps area.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc. 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: | $350 million
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| Maturity: | Sept. 21, 2030
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| Description: | FA-backed notes
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| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc.
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| Coupon: | 1.737%
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| Spread: | Treasuries plus 107 bps
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| Trade date: | Sept. 14
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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 125 bps area
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