Protective Life obtains $1.5 billion sustainability-linked revolver

By Rebecca Melvin

Concord, N.H., April 13 – Protective Life Corp. and its principal subsidiary, Protective Life Insurance Co., entered into a $1.5 billion sustainability-linked revolving credit facility, according to a company release.

The new facility, which replaced a $1 billion revolver, matures in five years. It includes two key performance indicators that measure the percentage of women and racially diverse employees among Protective’s employee base. It will deliver potential annual pricing adjustments depending on the company’s performance against those indicators.

It will also support Protective’s transition from the LIBOR to the SOFR.

The credit facility is offered through a consortium of 24 financial institutions, with BNP Paribas and PNC Capital Markets LLC as co-sustainability structuring agents and Regions Bank as administrative agent.

The joint lead arrangers on the facility are Mizuho Bank Ltd., Morgan Stanley Senior Funding Inc., MUFG Bank Ltd., PNC Capital Markets LLC, Regions Capital Markets, Sumitomo Mitsui Bank Corp., U.S. Bank NA and Wells Fargo Securities.

Protective Life is the wholly-owned U.S. subsidiary of insurer Dai-Ichi Life Holdings Inc. and is based in Birmingham, Ala.

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