New Issue-Protective Life sells $700 mln in 2 parts

Oct 6 (Reuters) - Protective Life Corp (PL.N) on Tuesday
sold $700 million of senior notes in a two part debt sale, said
IFR, a Thomson Reuters service.

The size of the deal was increased from an originally
planned $600 million.

Bank of America, Barclays, and Wells Fargo were the joint
bookrunning managers for the sale.
BORROWER: PROTECTIVE LIFE CORP
FIRST TRANCHE:
AMT $400 MLN COUPON 7.375 PCT MATURITY 10/15/2019
TYPE SNR NOTES ISS PRICE 99.935 FIRST PAY 4/15/2010
MOODY'S Baa2 YIELD 7.384 PCT SETTLEMENT 10/9/2009
S&P A-MINUS SPREAD 412.5 BPS PAY FREQ SEMI-ANNUAL
FITCH BBB MORE THAN TREAS MAKE-WHOLE CALL 50 BPS
SECOND TRANCHE:
AMT $300 MLN COUPON 8.45 PCT MATURITY 10/15/2039
TYPE SNR NOTES ISS PRICE 99.986 FIRST PAY 4/15/2010
MOODY'S Baa2 YIELD 8.451 PCT SETTLEMENT 10/9/2009
S&P A-MINUS SPREAD 437.5 BPS PAY FREQ SEMI-ANNUAL
FITCH BBB MORE THAN TREAS MAKE-WHOLE CALL 50 BPS