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Protective Life to redeem subordinated debentures

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Protective Life to redeem subordinated debentures

Protective Life Corp. plans to redeem the entire $150 million outstanding principal amount of its 6.00% subordinated debentures due Sept. 1, 2042.

The company also issued a notice to redeem the the entire $287.5 million outstanding principal amount of its 6.25% subordinated debentures due May 15, 2042, including the additional $37.5 million in aggregate principle amount issued May 30, 2012, to cover overallotments.

Holders of the debentures will receive the outstanding principal amount of the debentures plus accrued and unpaid interest to the redemption date, Sept. 9.

On Aug. 10, the company issued $500 million of its 5.350% subordinated debentures due Aug. 10, 2052, in a private offering.