Protective Life

(PL)

said Wednesday that it has priced its junior subordinated capital securities worth $200 million.

These securities, which have a 60-year final maturity, carry a fixed-rate annual coupon of 7.25%; interest is payable quarterly.

The financial services provider expects the offering to close on July 3.

Protective Life Insurance

will receive a majority of the proceeds from the offering to finance its pending purchase of

Chase Insurance Group

and the balance will be used for general corporate purposes, the Birmingham, Ala.-based company said.

Shares were up 94 cents, or 2.1%, at $46.19 in recent trading.

This story was created through a joint venture between TheStreet.com and IRIS.