By Devika Patel and Cristal Cody
Knoxville, Tenn., Jan. 6 – Protective Life Global Funding priced $750 million of notes in two tranches on Tuesday, including a tap of its 1.737% funding agreement-backed notes due Sept. 21, 2030, according to a source.
Protective Life priced $500 million of 0.473% three-year notes at Treasuries plus 30 basis points. These notes were talked in the 45 bps to 50 bps spread area.
The company sold $250 million of the 1.737% notes at 80 bps over Treasuries. These notes were talked in the 95 bps spread area.
Protective Life previously 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.
| Issuer: | Protective Life Global Funding
|
| Amount: | $750 million
|
| Description: | Notes
|
| Bookrunners: | Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Trade date: | Jan. 5
|
|
|
| Three-year notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 12, 2024
|
| Coupon: | 0.473%
|
| Spread: | Treasuries plus 30 bps
|
| Price guidance: | Treasuries plus 45 bps to 50 bps area
|
|
|
| 2030 notes add-on
|
| Amount: | $250 million add-on
|
| Maturity: | Sept. 21, 2030
|
| Coupon: | 1.737%
|
| Spread: | Treasuries plus 80 bps
|
| Price guidance: | Treasuries plus 95 bps area
|
| Original issue: | $350 million priced Sept. 14, 2020
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
