Published on 11/20/2020 in the Prospect News Investment Grade Daily.
New Issue: Allstate prices $1.2 billion of senior notes due 2025, 2030
By Devika Patel
Knoxville, Tenn., Nov. 20 – Allstate Corp. priced $1.2 billion of senior notes (A3/A-) in two tranches on Thursday, according to an FWP filed with the Securities and Exchange Commission.
Allstate sold $600 million of 0.75% five-year notes at a Treasuries plus 37.5 bps spread. These notes priced at 99.985 to yield 0.753%.
A $600 million tranche of 1.45% 10-year notes were sold at a Treasuries plus 65 bps spread. These notes priced at 99.664 to yield 1.486%.
Loop Capital Markets LLC, Academy Securities Inc., Samuel A. Ramirez & Co. Inc. and Siebert Williams Shank & Co. LLC are the bookrunners.
Proceeds will be used, with cash on hand, for the company’s planned acquisition of National General Holdings Corp. and for general corporate purposes.
Allstate is a Northbrook, Ill.-based insurance company.
| Issuer: | Allstate Corp.
|
| Amount: | $1.2 billion
|
| Description: | Senior notes
|
| Bookrunners: | Loop Capital Markets LLC, Academy Securities Inc., Samuel A. Ramirez & Co. Inc. and Siebert Williams Shank & Co. LLC
|
| Co-managers: | AmeriVet Securities, Cabrera Capital Markets LLC, C.L. King & Associates Inc., Penserra Securities LLC and R. Seelaus & Co. Inc.
|
| Trade date: | Nov. 19
|
| Settlement date: | Nov. 24
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | SEC Registered
|
|
|
| 2025 notes
|
| Amount: | $600 million
|
| Maturity: | Dec. 15, 2025
|
| Coupon: | 0.75%
|
| Price: | 99.985
|
| Yield: | 0.753%
|
| Spread: | Treasuries plus 37.5 bps
|
| Call: | Make-whole call at Treasuries plus 7.5 bps until Nov. 15, 2025, then a par call
|
|
|
| 2030 notes
|
| Amount: | $600 million
|
| Maturity: | Dec. 15, 2030
|
| Coupon: | 1.45%
|
| Price: | 99.664
|
| Yield: | 1.486%
|
| Spread: | Treasuries plus 65 bps
|
| Call: | Make-whole call at Treasuries plus 10 bps until Sept. 15, 2030, then a par call
|
|
|
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