Protective Furthers its Sustainability Commitment by Establishing a $1.5 Billion Sustainability-Linked Revolving Credit Facility
April 19, 2022 by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation, a wholly owned U.S. subsidiary of Dai‑ichi Life Holdings, Inc. (TSE:8750), and its principal subsidiary, Protective Life Insurance Company (together, “Protective”), today announced the recent closing of a five-year, $1.5 billion sustainability-linked revolving credit facility, which replaces its current $1.0 billion revolving credit facility.
“At Protective, we are doing our part to provide a more sustainable future by way of an ethical and socially responsible solution for our business and the workforce,” said Deep Banerjee, Protective’s senior vice president and treasurer. “As one of the early adopters of a sustainability-linked revolver in the U.S. insurance space, we are further highlighting our commitment to our sustainability goals by linking the borrowing cost of our credit facility directly to social diversity and inclusion measures.”
As part of this sustainability-linked credit facility, Protective has included two Key Performance Indicators (KPIs) that measure the percentage of women and racially diverse employees amongst Protective’s employee base. Protective’s performance against these established KPIs will determine potential annual pricing adjustments to the facility.
“This furthers Protective’s long-standing focus on diversity, equity and inclusion,” said Wendy Evesque, Protective’s executive vice president, chief human resources officer. “Additionally, it demonstrates our critical commitment to grow and develop our people, attract diverse talent and support strong, diverse communities.”
This credit facility will also support Protective’s transition from the London interbank offered rate, or LIBOR, to the preferred LIBOR replacement rate of Secured Overnight Financing Rate, or SOFR.
The credit facility is offered through a consortium of 24 financial institutions, with BNP Paribas and PNC Capital Markets LLC serving as co-sustainability structuring agents, and Regions Bank serving 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 National Association, and Wells Fargo Securities. Maynard, Cooper & Gayle acted as legal counsel to Protective.
To learn more about Protective’s comprehensive sustainability efforts, visit protective.com/sustainability.
Protective has helped people achieve protection and security in their lives for 115 years. Through its subsidiaries, Protective offers life insurance, annuity and asset protection solutions and is helping more than 12 million people protect what matters most. Protective’s more than 3,600 employees put people first and deliver on the Company’s promises to customers, partners, colleagues and communities – because we’re all protectors. With a long-term focus, financial stability and commitment to doing the right thing, Protective Life Corporation, a wholly owned subsidiary of Dai‑ichi Life Holdings, Inc. (TSE:8750), has grown to about $132 billion in assets, as of Dec. 31, 2021. Protective is headquartered in Birmingham, Alabama, and supported by both robust virtual workforce and core sites in Cincinnati and St. Louis. For more information about Protective, visit www.protective.com.