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
January
18, 2007 (January 11, 2007)
Date of
Report (Date of
earliest event reported)
Protective
Life Corporation
(Exact
name of registrant as specified in its charter)
|
Delaware |
001-11339 |
95-2492236 |
|
(State
or other jurisdiction |
(Commission |
(IRS
Employer |
|
of
incorporation) |
File
Number) |
Identification
No.) |
2801
Highway 280 South
Birmingham,
Alabama 35223
(Address
of principal executive offices) (Zip Code)
(205)
268-1000
(Registrant's
telephone number)
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:
|
¨ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425) |
|
¨ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12) |
|
¨ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
|
¨ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On
January 11, 2007, 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 February 1, 2000,
as amended, 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 (collectively, the “lease
arrangement”). 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 January 11, 2014.
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 $106.3 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.
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.
|
|
|
Protective
Life Corporation |
|
|
|
By: |
|
/s/ STEVEN
G. WALKER
Steven
G. Walker
Senior
Vice President, Controller and
Chief
Accounting Officer |
Date:
January 18, 2007