By Cristal Cody
Chicago, June 28 – Protective Life Global Funding priced $700 million funding-agreement backed notes in two tranches on Monday, according to a market source’s report.
A tranche of $350 million of 0.781% three-year notes priced with a spread of Treasuries plus 32 basis points. Initial price talk on the tranche was in the Treasuries plus 50 bps to 55 bps area.
A $350 million tranche of seven-year notes priced with a 1.9% coupon and a spread of Treasuries plus 65 bps. Initial price talk has the notes coming in the 80 bps to 85 bps area.
Barclays, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc. 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
|
| Issue: | Funding-agreement backed notes
|
| Amount: | $700 million
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| Bookrunners: | Barclays, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.
|
| Trade date: | June 28
|
|
|
| 2024 notes
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| Amount: | $350 million
|
| Maturity: | July 5, 2024
|
| Coupon: | 0.781%
|
| Spread: | Treasuries plus 32 bps
|
| Price talk: | Treasuries plus 50 bps to 55 bps area
|
|
|
| 2028 notes
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| Amount: | $350 million
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| Maturity: | July 6, 2028
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| Coupon: | 1.9%
|
| Spread: | Treasuries plus 65 bps
|
| Price talk: | Treasuries plus 80 bps to 85 bps area
|
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