Protective Life Corporation (NYSE:PL) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On September 20, 2019, Protective Life Corporation, a Delaware corporation (the “Company”), issued $400,000,000 aggregate principal amount of its 3.400% Senior Notes due 2030 (the “Notes”) in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. The Notes were issued under a Senior Indenture, dated as of June 1, 1994 (the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (the “Trustee”), as supplemented by Supplemental Indenture No. 16, dated as of September 20, 2019 (“Supplemental Indenture No. 16,” and together with the Base Indenture, the “Indenture”).
The Notes will be the Company’s general unsecured obligations and will rank senior in right of payment to any future indebtedness of the Company that is expressly subordinated in right of payment to the Notes, equal in right of payment with all of the Company’s existing and future unsecured indebtedness that is not so subordinated, effectively junior in right of payment to any of the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries. The Notes will bear interest at the rate of 3.400% per year, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2020.
The Notes will mature on January 15, 2030. The Company may redeem the Notes prior to maturity, in whole at any time or in part from time to time, in accordance with the provisions of the Indenture.
The foregoing descriptions of the Base Indenture, Supplemental Indenture No. 16 and the Notes are qualified in their entirety by reference to the full text of such documents, which are attached hereto as Exhibits 4.1, 4.2 and 4.3, respectively, and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure set forth in Item 1.01 is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
