Protective Life to sell notes due 2024, tap of 1.737% notes due 2030

By Devika Patel

Knoxville, Tenn., Jan. 5 – Protective Life Global Funding plans to price notes in two tranches, according to a market source.

The offering includes notes due Jan. 12, 2024 talked at 45 basis points to 50 bps over Treasuries and a tap of the company’s 1.737% funding agreement-backed notes due Sept. 21, 2030 with talk in the 95 bps area over Treasuries.

Protective Life sold $350 million of the funding agreement-backed notes at a Treasuries plus 107 bps spread on Sept. 14, 2020.

Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners.

Protective Life Global Funding is a Charlotte, N.C.-based debt financing vehicle for Protective Life Insurance Co.

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