Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Tenders > Headlines for 2019 > News item |
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.