-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GlzXJbwnI/NAV5sq1zwZNvsHi2vT0oAzVDHn0vzKL/8OteVHrbMlZNlPdhfkpBsI N/3NBiZ6JDFzkYu4RfTGAQ== 0001285517-07-000030.txt : 20070914 0001285517-07-000030.hdr.sgml : 20070914 20070914134446 ACCESSION NUMBER: 0001285517-07-000030 CONFORMED SUBMISSION TYPE: 424B2 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070914 DATE AS OF CHANGE: 20070914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROTECTIVE LIFE INSURANCE CO CENTRAL INDEX KEY: 0000310826 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 630169720 STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B2 SEC ACT: 1933 Act SEC FILE NUMBER: 333-126757 FILM NUMBER: 071117263 BUSINESS ADDRESS: STREET 1: 2801 HIGHWAY 280 SOUTH CITY: BIRMINGHAM STATE: AL ZIP: 35223 BUSINESS PHONE: 2058799230 MAIL ADDRESS: STREET 1: PO BOX 2606 CITY: BIRMINGHAM STATE: AL ZIP: 35202 SERIAL COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Protective Life Secured Trust 2007-C CENTRAL INDEX KEY: 0001412419 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] STATE OF INCORPORATION: TN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B2 SEC ACT: 1933 Act SEC FILE NUMBER: 333-126757-46 FILM NUMBER: 071117264 BUSINESS ADDRESS: STREET 1: 2801 HIGHWAY 280 SOUTH CITY: BIRMINGHAM STATE: AL ZIP: 35223 BUSINESS PHONE: 2058799230 MAIL ADDRESS: STREET 1: PO BOX 2606 CITY: BIRMINGHAM STATE: AL ZIP: 35202 424B2 1 pricingsupp07c.htm PRICING SUPPLEMENT 2007-C


Pricing Supplement No. D
Dated:    September 13, 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-C

        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:    $100,000,000.

Price to Public:    100%.

Net Proceeds to the Trust:    $99,900,000.

Dealers' Discount:    0.10%.

Original Issue Date:    September 18, 2007.

Stated Maturity Date:    September 17, 2010.

Specified Currency:    U.S. Dollars.

Interest Payment Dates:    The 17th Day of each March, June, September and December.

Initial Interest Payment Date:    December 17, 2007.

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:    [    ] Fixed Rate [X] Floating Rate

    Fixed Rate Notes:

      Interest Rate:

    Floating Rate Notes:

      Initial Interest Rate:    The Interest rate as of the Original Issue Date, determined on September 14, 2007, the second London business day preceding the Original Issue Date.

      Initial Interest Reset Date:    December 17, 2007.

      Base Rate:

    [    ] CD Rate   [    ] Commercial Paper Rate
    [    ] Constant Maturity Treasury Rate   [    ] Federal Funds Rate
    [X] LIBOR   [    ] Treasury Rate
    [    ] Prime Rate   [    ] Other (See Attached)

 

 

If LIBOR:    [    ] LIBOR Reuters Page    [X] 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:    The 17th day of each March, June, September and December.

        Interest Rate Determination Dates:    Two London business days prior to each Interest Reset Date.

        Index Maturity:    3 Month.

        Spread (+/-):    +0.45%.

        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:    The Bank of New York.

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:    74367FAM0

Form of trust:    [X] Delaware statutory trust    [    ] Delaware common law trust

Trust Expiration Date:    September 17, 2011

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   $100,000,000
 

 

 

 

   
    Total:   $100,000,000    

2.     The Funding Agreement

Funding Agreement Issuer:    Protective Life Insurance Company.

Funding Agreement No.:    GA 1941.

Deposit Amount:    $100,000,015.

Effective Date:    September 18, 2007.

Stated Maturity Date:    September 17, 2010.

Specified Currency:    U.S. Dollars.

Interest Payment Dates:    The 17th Day of each March, June, September and December.

Initial Interest Payment Date:    December 17, 2007.

Type of Interest Rate:    [    ] Fixed Rate    [X] Floating Rate

    For Fixed Rate Funding Agreements:

      Interest Rate:

    For Floating Rate Funding Agreements:    

      Initial Interest Rate:    The Interest Rate as of the Effective Date, determined on September 14, 2007, the second London business day preceding the Effective Date.

      Initial Interest Reset Date:    December 17, 2007.

      Base Rate:

    [    ] CD Rate   [    ] Commercial Paper Rate
    [    ] Constant Maturity Treasury Rate   [    ] Federal Funds Rate
    [X] LIBOR   [    ] Treasury Rate
    [    ] Prime Rate   [    ] Other (See Attached)

 

 

If LIBOR:    [    ] LIBOR Reuters Page    [X] 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:    The 17th day of each March, June, September and December.

      Interest Rate Determination Date:    Two London business days prior to each Interest Reset Date.

      Index Maturity:    3 Month.

      Spread (+/-):    +0.45%.

      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:
For purposes of this Pricing Supplement and the application of the disclosure set forth in the Prospectus Supplement, dated August 22, 2005 (the "Prospectus Supplement"), under the heading "Material Federal U.S. Income Tax Considerations", we have assumed that each beneficial owner of Secured Medium Term Notes issued through Protective Life Secured Trust 2007-C will at all times be a U.S. Holder as defined in the Prospectus Supplement.

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

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