By Cristal Cody
Tupelo, Miss., Sept. 20 – Protective Life Global Funding sold $450 million of 2.161% three-year senior notes at a spread of Treasuries plus 63 basis points on Wednesday, a market source said.
The notes (A2/AA-) were talked to price in the Treasuries plus 65 bps area.
BofA Merrill Lynch, Deutsche Bank Securities Inc. and U.S. Bancorp Investments Inc. 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
|
| Amount: | $450 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 25, 2020
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 2.161%
|
| Spread: | Treasuries plus 63 bps
|
| Trade date: | Sept. 20
|
| Ratings: | Moody’s: A2
|
| S&P: AA-
|
| Price guidance: | Treasuries plus 65 bps area
|
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