By Rebecca Melvin and Cristal Cody
Concord, N.H., April 6 – Protective Life Global Funding priced $850 million of notes with funding-agreement backing (A1/AA-) in two tranches on Monday, according to a market source.
A $350 million tranche due April 12, 2023 priced with a 0.502% coupon to yield Treasuries plus 33 basis points. The notes were guided to Treasuries plus 35 bps area, tightened from initial talk in the Treasuries plus 50 bps area.
A $500 million tranche of notes due April 15, 2026 priced with a 1.618% coupon to yield Treasuries plus 68 bps. The notes were guided to the Treasuries plus 70 bps area from initial talk in the Treasures plus 87.5 bps area.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC are leading the deal.
Protective Life Global Funding is a Charlotte, N.C.-based debt financing vehicle for Protective Life Insurance Co.
| Issuer: | Protective Life Global Funding
|
| Amount: | $850 million
|
| Description: | Funding-agreement backed notes
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and PNC Capital Markets LLC
|
| Trade date: | April 5
|
|
|
| 2023 notes
|
| Amount: | $350 million
|
| Maturity: | April 12, 2023
|
| Coupon: | 0.502%
|
| Spread: | Treasuries plus 33 bps
|
| Price talk: | Treasuries plus 33 bps area; initial talk Treasuries plus 50 bps area
|
|
|
| 2026 notes
|
| Amount: | $500 million
|
| Maturity: | April 12, 2026
|
| Coupon: | 1.618%
|
| Spread: | Treasuries plus 68 bps
|
| Price guidance: | Treasuries plus 70 bps area; initial talk Treasuries plus 87.5 bps area
|
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