Preferred Stock Calendar: Zions, Allstate on tap

Wednesday

ZIONS BANCORPORATION: Online auction of up to $195.15 million of $1,000-par series J fixed-to-floating rate noncumulative perpetual preferred stock; begins floating Sept. 15, 2023; callable Set. 15, 2023 or in the event of a regulatory capital treatment event; Deutsche Bank Securities Inc., Goldman Sachs & Co., Macquarie Capital and Zions Direct Inc. (joint); proceeds to fund redemption of 9.5% series C noncumulative perpetual preferreds; Salt Lake City-based bank holding company.

On The Horizon

THE ALLSTATE CORP.: $1,000-par fixed-to-floating rate debentures due 2053; begins floating Sept. 15, 2023; callable prior to Sept. 15, 2023 upon occurrence of rating agency or tax event; callable after Sept. 15, 2023 at par plus accrued interest; J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc. and Goldman Sachs & Co. (joint); proceeds to fund repayment of commercial paper borrowings via recent tender offers, to fund the repayment of 2014 debt, to repurchase common stock in the open market from time to time and for general corporate purposes; Northbrook, Ill.-based insurance company.

CHS INC.: $250 million of class B reset rate cumulative redeemable preferred stock; rate resets in 2023 and every 10 years thereafter; redeemable in 2023 or in the event of a change of control; BofA Merrill Lynch and Wells Fargo Securities LLC (joint); DA Davidson & Co. (co-manager); proceeds for general corporate purposes; Inver Grove Heights, Minn.-based integrated agricultural company.

MHI HOSPITALITY LP: At least $23 million of senior unsecured $25-par notes due 2018; redeemable 2016; Sandler O'Neill + Partners LP; proceeds to redeem all outstanding Sotherly Hotels Inc. preferred stock and for general corporate purposes; Williamsburg, Va.-based real estate investment trust.

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