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.
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