Protective Life Secured Trust 2007-D Inactive
Filed: 25 Sep 07, 12:00am
Pricing Supplement No. E Dated: September 25, 2007 (To prospectus dated August 22, 2005 and prospectus supplement dated August 22, 2005) | Filed Pursuant to Rule 424(b)(2) File No. 333-126757 | |
Protective Life Insurance Company Sponsor and Depositor Secured Medium-Term Notes Issued Through Protective Life Secured Trust 2007-D | ||
The description in this pricing supplement of the particular terms of the Secured Medium-Term Notes offered hereby and the Funding Agreement sold by Protective Life Insurance Company to the Trust specified herein supplements the description of the general terms and provisions of the notes and the funding agreements set forth in the accompanying prospectus and prospectus supplement, to which reference is hereby made.
1. The Notes
Principal Amount: $300,000,000.
Price to Public: 99.831%.
Net Proceeds to the Trust: $298,443,000.
Dealers' Discount: 0.35%.
Original Issue Date: September 28, 2007.
Stated Maturity Date: September 28, 2012.
Specified Currency: U.S. Dollars.
Interest Payment Dates: The 28th Day of each March and September.
Initial Interest Payment Date: March 28, 2008.
Regular Record Dates: Each date, whether or not a business day, that is fifteen calendar days immediately preceding an
interest payment date.
Type of Interest Rate: [X] Fixed Rate [ ] Floating Rate
Fixed Rate Notes:
Interest Rate: 5.45%
Floating Rate Notes:
Initial Interest Rate: Not applicable.
Initial Interest Reset Date: Not applicable.
Base Rate: Not applicable.
| [ ] CD Rate | [ ] Commercial Paper Rate | |||
| [ ] Constant Maturity Treasury Rate | [ ] Federal Funds Rate | |||
| [ ] LIBOR | [ ] Treasury Rate | |||
| [ ] Prime Rate | [ ] Other (See Attached) | |||
If LIBOR: [ ] LIBOR Reuters Page [ ] LIBOR Telerate Page | ||||
| Designated LIBOR Currency: U.S. Dollars. | ||||
If Constant Maturity Treasury Rate: | ||||
| Designated CMT Telerate Page: [ ] 7051 [ ] 7052 | ||||
| If 7052: [ ] Weekly Average [ ] Monthly Average | ||||
| Designated CMT Maturity Index: | ||||
Interest Reset Dates: Not applicable.
Interest Rate Determination Dates: Not applicable.
Index Maturity: Not applicable.
Spread (+/-): Not applicable.
Spread Multiplier: Not applicable.
Maximum Interest Rate: [ ] Yes % [X] No
Minimum Interest Rate: [ ] Yes % [X] No
Inverse Floating Rate Note [ ] Yes [X] No
Fixed Interest Rate: Not applicable.
Floating Rate/Fixed Rate Note [ ] Yes [X] No
Fixed Interest Rate: Not applicable.
Fixed Rate Commencement Date: Not applicable.
Calculation Agent: Not applicable.
Exchange Rate Agent: Not applicable.
Computation of Interest (not applicable unless different than as specified in the prospectus and prospectus supplement): Not applicable.
Day Count Convention (not applicable unless different than as specified in the prospectus and prospectus supplement): Not applicable.
Amortizing Note: [ ] Yes (See Attached) [X] No
| Optional Redemption: [ ] Yes [X] No | |||
| Optional Redemption Dates: Initial Redemption Percentage: Annual Percentage Reduction (if any): | |||
| Redemption: | [ ] In whole only and not in part | ||
| [ ] May be in whole or in part | |||
Optional Repayment: [ ] Yes [X] No | |||
| Optional Repayment Dates: | |||
| Optional Repayment: | [ ] In whole only and not in part | ||
| [ ] May be in whole or in part | |||
Discount Note: [ ] Yes [X] No | |||
| Total Amount of Discount: | |||
| Yield to Maturity: | |||
Sinking Fund (not applicable unless specified): Not applicable.
Additional Amounts to be Paid for Withholding Tax (not applicable unless specified): Not applicable.
Securities Exchange Listing: [X] No [ ] Yes, Name of Exchange:
Authorized Denominations: $1,000
CUSIP: 74367FAN8
Form of trust: [X] Delaware statutory trust [ ] Delaware common law trust
Trust Expiration Date: September 28, 2013
Rating of Notes: S&P: AA Moody's: Aa3
Dealer(s) Purchasing Notes as Principal: [ ] Yes [X] No
If yes:
| | Dealer(s) | Principal Amount | | |||
|---|---|---|---|---|---|---|
| Total: | ||||||
Dealer(s) Acting as Agent: [X] Yes [ ] No
If yes:
| | Dealer(s) | Principal Amount | | |||
|---|---|---|---|---|---|---|
| Banc of America Securities LLC | $270,000,000 | |||||
| Protective Securities, a division of ProEquities, Inc. | $ 30,000,000 | |||||
| Total: | $300,000,000 | |||||
2. The Funding Agreement
Funding Agreement Issuer: Protective Life Insurance Company.
Funding Agreement No.: GA 1942.
Deposit Amount: $300,000,015.
Effective Date: September 28, 2007.
Stated Maturity Date: September 28, 2012.
Specified Currency: U.S. Dollars.
Interest Payment Dates: The 28th Day of each March and September.
Initial Interest Payment Date: March 28, 2008.
Type of Interest Rate: [X] Fixed Rate [ ] Floating Rate
For Fixed Rate Funding Agreements:
Interest Rate: 5.45%
For Floating Rate Funding Agreements:
Initial Interest Rate: Not applicable.
Initial Interest Reset Date: Not applicable.
Base Rate: Not applicable.
| [ ] CD Rate | [ ] Commercial Paper Rate | |||
| [ ] Constant Maturity Treasury Rate | [ ] Federal Funds Rate | |||
| [ ] LIBOR | [ ] Treasury Rate | |||
| [ ] Prime Rate | [ ] Other (See Attached) | |||
If LIBOR: [ ] LIBOR Reuters Page [ ] LIBOR Telerate Page | ||||
| Designated LIBOR Currency: U.S. Dollars. | ||||
If Constant Maturity Treasury Rate: | ||||
| Designated CMT Telerate Page: [ ] 7051 [ ] 7052 | ||||
| If 7052: [ ] Weekly Average [ ] Monthly Average | ||||
| Designated CMT Maturity Index: | ||||
Interest Reset Dates: Not applicable.
Interest Rate Determination Date: Not applicable.
Index Maturity: Not applicable.
Spread (+/-): Not applicable.
Spread Multiplier: Not applicable.
Maximum Interest Rate: [ ] Yes % [X] No
Minimum Interest Rate: [ ] Yes % [X] No
Inverse Floating Rate Funding Agreement [ ] Yes [X] No
Fixed Interest Rate: Not applicable.
Floating Rate/Fixed Rate Funding Agreement [ ] Yes [X] No
Fixed Interest Rate: Not applicable.
Fixed Rate Commencement Date: Not applicable.
Computation of Interest (not applicable unless different than as specified in the prospectus and prospectus supplement): Not applicable.
Day Count Convention (not applicable unless different than as specified in the prospectus and prospectus supplement): Not applicable.
Amortizing Funding Agreement: [ ] Yes (See Attached) [X] No
| Early Redemption: [ ] Yes [X] No | |||
| Early Redemption Dates: Initial Redemption Percentage: Annual Percentage Reduction (if any): | |||
| Redemption: | [ ] In whole only and not in part | ||
| [ ] May be in whole or in part | |||
Repayment: [ ] Yes [X] No | |||
| Repayment Dates: | |||
| Repayment: | [ ] In whole only and not in part | ||
| [ ] May be in whole or in part | |||
Discount Funding Agreement: [ ] Yes [X] No | |||
| Total Amount of Discount: Yield to Maturity: | |||
Additional Amounts to be Paid For Withholding Tax (not applicable unless specified): Not applicable.
Rating of the Funding Agreement: S&P: AA Moody's: Aa3
Additional Terms: None
Special Tax Considerations: None
3. Other Information
Rating of Program: S&P AA Moody's Aa3
Protective Life Insurance Company Insurer Financial Strength Rating: S&P AA Moody's Aa3
Protective Securities, a division of ProEquities, Inc. and an affiliate of Protective Life Insurance Company, is acting as an agent in connection with this offering.