By Devika Patel and Cristal Cody
Knoxville, Tenn., Sept. 14 – Protective Life Global Funding priced an upsized $375 million of 1.303% five-year funding agreement-backed notes with a spread of Treasuries plus 50 basis points on Monday, according to a market source.
Initial price talk was in the Treasuries plus 70 bps area for $300 million of notes.
BofA Securities Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC were 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
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| Description: | Funding agreement-backed notes
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| Amount: | $375 million
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| Maturity: | Sept. 20, 2026
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| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC
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| Coupon: | 1.303%
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| Spread: | Treasuries plus 50 bps
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| Trade date: | Sept. 13
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| Guidance: | $300 million at Treasuries plus 70 bps area
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