Allstate Prices Series I Preferred Shares
NORTHBROOK, Ill.--(BUSINESS WIRE)--Nov 4, 2019--
The Allstate Corporation (NYSE: ALL) today announced that it has priced a $300 million public offering of 4.75% Fixed Rate Noncumulative Perpetual Preferred Stock, Series I (Series I Preferred Stock). The company intends to use the net proceeds for general corporate purposes, which may include the redemption or repurchase of certain preferred shares.
The Series I Preferred Stock, with a liquidation preference of $25,000 per share (equivalent to $25 per Depositary Share, the security to be issued to investors) will pay dividends, as and if declared, quarterly in arrears on Jan. 15, April 15, July 15 and Oct. 15, beginning in January 2020, at a rate of 4.75% per year. The Series I Preferred Stock is perpetual and has no maturity date. Application will be made to list the Depositary Shares on the New York Stock Exchange under the symbol “ALL PR I” (CUSIP No. 020002812). The offering is expected to close on Nov. 8, subject to customary closing conditions.
The Depositary Shares are being offered for sale pursuant to a prospectus and related prospectus supplement that constitute a part of The Allstate Corporation’s shelf registration statement filed with the Securities and Exchange Commission (SEC) on Form S-3 on April 30, 2018. Before making an investment, potential investors should first read the prospectus supplement and accompanying prospectus, the registration statement and the other documents that The Allstate Corporation filed or will file with the SEC in connection with the offering. A copy of the prospectus supplement and the accompanying base prospectus for the offering has been filed with the SEC and is available for free on the SEC’s website: http://www.sec.gov. Alternatively, copies may be obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC, 28255-0001, Attention: Prospectus Department; or email email@example.com or call toll free 1-800-294-1322.
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security of the company, nor will there be any sale of any such security in any jurisdiction in which such offer, sale or solicitation would be unlawful. The offering is being made only by means of a prospectus supplement and accompanying base prospectus filed with the SEC.
Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191104006061/en/
CONTACT: Greg Burns
(847) 402-5600Mark Nogal
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: The Allstate Corporation
Copyright Business Wire 2019.
PUB: 11/04/2019 06:28 PM/DISC: 11/04/2019 06:28 PM