Allstate to redeem $287.5 million series A preferred stock on Jan. 15

By Angela McDaniels

Tacoma, Wash., Dec. 9 – Allstate Corp. will redeem all of its outstanding 5.625% series A preferred stock on Jan. 15, according to a company news release.

The company will pay par for a total redemption payment of $287.5 million.

Allstate will fund the redemption with the proceeds of its $300 million issuance of 4.75% fixed-rate noncumulative perpetual preferred stock, series I, which priced Nov. 4.

The redemption will include all 11,500 shares of the series A preferred stock and the corresponding depositary shares.

The depositary shares each represent a 1/1,000th interest in a share of the preferred stock and will be redeemed at a redemption price of $25.00 each.

On Jan. 15, a dividend in the amount of $0.3515625 per series A preferred will be paid in cash to holders of record at the close of business on Dec. 31.

Allstate is a Northbrook, Ill.-based insurance provider.

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