Protective Life plans to redeem $125 million of 7.25% capital securities

By Ashley Montgomery

Kansas City, Kan., Aug. 15 - Protective Life Corp. plans to use the proceeds from an issue of subordinated debentures to redeem its $125 million of 7.25% capital securities due 2066.

The company will also use cash on hand and a draw on its revolving credit facility to fund the redemption.

Any remaining proceeds from the debenture offering will be used for general corporate purposes.

The financial and insurance products provider is based in Birmingham, Ala.

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