Protective Life Corp. (PL) announced that it closed its offering of $400 million of its senior notes due in 2019, $100 million of its senior notes due in 2024, and $300 million of its senior notes due in 2039, for an aggregate principal amount of $800 million.
Protective used the net proceeds to purchase $800 million of newly issued surplus notes from its indirect wholly-owned insurance subsidiary, Golden Gate Captive Insurance Company.
Golden Gate concurrently purchased at a discount $800 million in aggregate principal amount of its floating rate surplus notes held by third parties. The repurchase transactions are expected to result in an estimated pre-tax gain of $126 million or $0.94 per diluted share, to be recognized in the fourth quarter of 2009.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.