OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the $400 million 3.40% senior unsecured notes due Jan. 15, 2030, issued by Protective Life Corporation (Protective) (headquartered in Birmingham, AL). The outlook assigned to the Credit Rating (rating) is stable. The existing ratings of Protective are unchanged.
Following the senior unsecured notes issue, financial leverage and coverage measures will remain supportive of the assigned ratings. The issuer intends to use the net proceeds of the offering for general corporate purposes, including the repayment at maturity of $400 million aggregate principal amount of 7.375% senior unsecured notes on Oct. 15, 2019.
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