NORTHBROOK, Ill., Dec. 9, 2019 /PRNewswire/ -- The Allstate Corporation (NYSE: ALL) today announced that on Jan. 15, 2020, it will redeem all of its outstanding Series A Preferred Stock at par for a total redemption payment of $287.5 million. Allstate will use the proceeds of its Nov. 8, 2019, $300 million issuance of 4.75% Fixed Rate Noncumulative Perpetual Preferred Stock, Series I, to fund the redemption. The dividend rate of the securities to be redeemed is 5.625%.
The redemption will include all 11,500 shares of its Fixed Rate Noncumulative Perpetual Preferred Stock, Series A, as well as the corresponding Depositary Shares, each representing a 1/1,000th interest in a share of the Preferred Stock.
The Depositary Shares are currently traded on the New York Stock Exchange under the symbol "ALL PR A" (CUSIP No. 020002408). The Depositary Shares will be redeemed at a redemption price of $25.00 per Depositary Share.
On Jan. 15, 2019, a dividend in the amount of $0.3515625 per Series A shares will be paid in cash to holders of record at the close of business on Dec. 31, 2019. On and after the redemption date, the Series A Preferred Stock will no longer be deemed outstanding, and no further dividends will be declared or payable on it.
The Depositary Shares are held through The Depository Trust Company (DTC) and will be redeemed in accordance with the procedures of DTC. Payment to DTC will be made by Equiniti Trust Company, Allstate's redemption agent for the Depositary Shares. Questions about the notice of redemption and related materials should be directed to EQ Shareowner Services by mail at P.O. Box 64858, St. Paul, MN, 55164-0858, Attention: Corporate Actions; by overnight courier at 1110 Centre Pointe Curve, Suite 101, Mendota Heights, MN, 55120-4100, Attention: Corporate Actions.
This news release does not constitute a notice of redemption under the certificate of designations governing the Series A Preferred Stock or the deposit agreement governing the Depositary Shares and is qualified in its entirety by reference to the notice of redemption issued by The Allstate Corporation.
Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
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SOURCE The Allstate Corporation