An insurer is moving ahead with an effort to get capital from Wall Street.
Protective Life Corp., Birmingham, Ala., has priced a public offering of 13.5 million shares of common stock at $9 per share.
The underwriters, who hope to raise about $121 million from public investors, have a 30-day window to spend about $18 million on additional shares of common stock to cover over-allotments, Protective Life says. The offering is set to close May 20.
Protective Life intends to use the net proceeds from the offering for general corporate purposes.
Merrill Lynch & Company Inc., New York, is the sole book-running manager for the offering.