New Issue: Protective Life Global prices $700 million fixed-, floating-rate notes due 2021

By Cristal Cody

Tupelo, Miss., June 21 – Protective Life Global Funding sold $700 million of senior secured notes (A1/AA-) in two tranches on Thursday, a market source said.

The $400 million of three-year floating-rate notes priced at Libor plus 52 basis points, while the $300 million of 3.397% notes due 2021 came at a spread of 75 bps over Treasuries.

Barclays, Morgan Stanley & Co. LLC 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
Amount:	$700 million
Description:	Senior secured notes
Bookrunners:	Barclays, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
Trade date:	June 21
Ratings:	Moody’s: A1
	S&P: AA-
Three-year floaters
Amount:	$400 million
Description:	Floating-rate notes
Maturity:	June 28, 2021
Coupon:	Libor plus 52 bps
Three-year notes
Amount:	$300 million
Description:	Fixed-rate notes
Maturity:	June 28, 2021
Coupon:	3.397%
Spread:	Treasuries plus 75 bps

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