NORTHBROOK, Illinois, May 16, 2023 – The Allstate Corporation (NYSE: ALL) announces that on May 15, 2023, it has priced a $600 million public offering of 7.375% of non-cumulative perpetual preferred stock, Series J (Stock J-series favourites). The Company intends to use the net proceeds for general corporate purposes, due to the redemption of all outstanding Series G Preferred Stock on April 17, 2023, at par to pay a total redemption of $575 million. Loop Capital Markets is the bookrunner in the transaction, making it the first time that a minority, women or veteran-owned business has served as joint account manager in a preferred stock issue.
Series J Preferred Stock, with Liquidation Preference $25,000 per share (equivalent to $25 per depository share, the bond to be issued to investors) will pay dividends, as if declared, in quarterly arrears on January 15th, April 15th, July 15th and October 15, starting in October 2023, at a rate of 7.375% annually. Series J preferred stock is perpetual and has no maturity date. An application will be filed for the Depositary Shares to be listed on the New York Stock Exchange under the symbol “ALL PR J” (CUSIP No. 020002788). Viewing is expected to close on 18th May 2023, subject to usual closing conditions.
Depository Shares are offered for sale pursuant to the prospectus and related prospectus supplement that are part of Allstate Corporation’s shelf filing statement with the Securities and Exchange Commission (SEC) on Form S-3 on April 30, 2021. Before making an investment, investors should Prospective persons first read the prospectus’s supplement and accompanying prospectus, registration statement, and other documents that Allstate Corporation has provided or will provide to the Securities and Exchange Commission in connection with the offering. Alternatively, copies may be obtained by contacting Morgan Stanley & Co. LLC at toll free 1-866-718-1649, BofA Securities Inc. 212-834-4533, Loop Capital Markets LLC at 1-312-913-4900, or Wells Fargo Securities LLC at toll-free 1-800-645-3751.
Financial information, including material announcements about Allstate, is routinely posted on www.allstateinvestors.com.
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