Protective Life Corp - Current report filing (8-K)
April 18 2008 - 4:31PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
April 18, 2008 (April 16,
2008)
Date of Report (Date of earliest
event reported):
PROTECTIVE LIFE CORPORATION
(Exact name of registrant as specified in its
charter)
Delaware
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001-11339
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95-2492236
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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2801 Highway 280 South
Birmingham, Alabama 35223
(Address of principal executive offices and zip
code)
(205) 268-1000
(Registrants telephone number, including area code)
N/A
(Former name or former address, if
changed since last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2.
below):
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation
Under an Off-Balance Sheet Arrangement of a Registrant.
On April, 16, 2008, the Company entered into a Second Amended and
Restated Credit Agreement (the Credit Agreement) among the Company,
Protective Life Insurance Company (PLICO), the Several Lenders from time to
time party thereto, and Regions Bank, as Administrative Agent, to increase the
commitment to a maximum principal amount of $500 million (the New Credit
Facility). The Company and PLICO have
the right in certain circumstances to request that the commitment under the New
Credit Facility be increased up to a maximum principal amount of $600 million. Balances outstanding under the New Credit
Facility will accrue interest at a rate equal to (i) either the prime rate
or the London Interbank Offered Rate (LIBOR), plus (ii) a spread based on
the ratings of the Companys senior unsecured long-term debt. The Credit Agreement provides that the
Company is liable for the full amount of any obligations for borrowings or
letters of credit, including those of PLICO, under the New Credit Facility. The
maturity date on the New Credit Facility is April 16, 2013. On March 31, 2008, the Company had $20
million outstanding under its existing $200 million revolving line of credit
due July 30, 2009 (the Existing Credit Facility). The Company paid the outstanding balance
under the Existing Credit Facility in full on April 16, 2008. There is currently no balance outstanding
under the New Credit Facility.
The foregoing description of the Credit Agreement is not complete and
qualified in its entirety by reference to the full text of that agreement which
is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
10.1-
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Second Amended and Restated Credit Agreement among the Protective
Life Corporation, Protective
Life Insurance Company, the Several Lenders from time to time party thereto,
and Regions Bank, as Administrative Agent, dated as of April 16, 2008.
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SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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PROTECTIVE
LIFE CORPORATION
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/s/ Steven G. Walker
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Steven
G. Walker
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Senior
Vice President, Controller
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and
Chief Accounting Officer
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Dated:
April 18, 2008
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2
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