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Article: Protective Closes $800 Million of Debt Offerings and the Repurchase of Surplus Notes.
- Article from:
- Business Wire
- Article date:
- October 15, 2009
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BIRMINGHAM, Ala. -- Protective Life Corporation ("Protective") (NYSE: PL) confirmed today that on October 9, 2009 it closed on offerings of $400 million of its senior notes due in 2019, $100 million of its senior notes due in 2024, and $300 million of its senior notes due in 2039, for an aggregate principal amount of $800 million.
Protective used the net proceeds to purchase $800 million of newly issued surplus notes from its indirect wholly-owned insurance subsidiary, Golden Gate Captive Insurance Company ("Golden Gate"). Golden Gate concurrently purchased at a discount $800 million in aggregate principal amount of its floating rate surplus notes held by third ...