Allstate lists $350 million of 6.75% preferreds for trading on NYSE

By Susanna Moon

Chicago, Oct. 4 - Allstate Corp. listed its $350 million of 6.75% series C fixed-rate noncumulative perpetual preferred stock for trading on the New York Stock Exchange.

The preferreds were admitted for trading under the ticker "ALL PRC," according to a notice by NYSE Euronext.

Allstate priced $350 million of 6.75% series C fixed-rate noncumulative perpetual preferred stock on Sept. 23, as previously reported by Prospect News.

The preferreds will be issued as depositary shares representing a 1/1,000th interest. Pricing came on top of talk.

Wells Fargo Securities LLC, BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and UBS Securities LLC were the joint bookrunning managers.

The preferreds can be redeemed prior to Oct. 15, 2018 in whole within 90 days of a rating agency event. Such a redemption could include a make-whole redemption amount.

After Oct. 15, 2018, the preferred shares can be redeemed at any time at par plus accrued dividends.

Proceeds will be used for general corporate purposes, including to prefund the repayment of $650 million 5% senior notes due 2014 and $300 million of 6.2% senior notes due 2014.

Allstate is a Wilmington, Del.-based insurance company.

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