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PL > SEC Filings for PL > Form 8-K on 23-Dec-2013All Recent SEC Filings

Show all filings for PROTECTIVE LIFE CORP



Creation of a Direct Financial Obligation or an Obligation under an Off-Bala

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On December 19, 2013, Protective Life Insurance Company ("Protective Life"), a wholly-owned subsidiary of Protective Life Corporation ("PLC"), and Wachovia Development Corporation ("Wachovia") entered into agreements to refinance and extend the maturity of the $75 million operating lease dated January 11, 2007, which amended and restated the operating lease dated February 1, 2000, between Protective Life and an affiliate of Wachovia. PLC acts as Guarantor of Protective Life's obligations under the amended and restated operating lease and other related agreements. The subject of the operating lease is an office building and parking garage adjacent to Protective Life's offices (the "Facility"). The lease term will expire on December 19, 2018.

During the lease term, rent will be payable monthly in an amount equal to the aggregate accrued unpaid yield on Wachovia's investment. This yield will be based on the one-month LIBOR rate plus a "spread" based on PLC's debt rating. Projected payments during the lease term total $81.2 million (assuming Protective Life exercises its right to purchase the Facility for $75 million at the end of the lease term).

If Protective Life fails to pay the required rent or another event of default occurs, Wachovia may declare the principal amount of its unrecovered investments and the accrued yield thereon and all other amounts payable by Protective Life immediately due and payable.

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