By Marisa Wong and Cristal Cody
Los Angeles, March 25 – Protective Life Global Funding priced $775 million of three-year funding agreement-backed notes in two parts on Thursday, according to a market source.
The company priced $425 million of floating-rate notes at SOFR plus 98 basis points.
The company also priced $350 million of 3.218% notes with a spread of 87 bps over Treasuries. Initial price talk was in the Treasuries plus 105 bps area.
BofA Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. 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: | $775 million
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| Issue: | Funding agreement-backed notes
|
| Maturity: | March 28, 2025
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
|
| Pricing date: | March 24
|
|
|
| Floating-rate notes
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| Amount: | $425 million
|
| Coupon: | SOFR plus 98 bps
|
|
|
| Fixed-rate notes
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| Amount: | $350 million
|
| Coupon: | 3.218%
|
| Spread: | Treasuries plus 87 bps
|
| Initial price talk: | Treasuries plus 105 bps area
|
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