Allstate Prices Series J Preferred Shares
The Allstate Corporation (NYSE:ALL) announced that on May 15, 2023 it priced a $600 million public offering of 7.375% Fixed Rate Noncumulative Perpetual Preferred Stock, Series J (Series J Preferred Stock). The company intends to use the net proceeds for general corporate purposes, due to the redemption of all outstanding shares of Series G Preferred Stock on April 17, 2023, at par for a total redemption payment of $575 million. Loop Capital Markets is a bookrunner on the transaction, making this the first time a minority-, women- or veteran-owned business enterprise has acted as a joint bookrunner on a preferred stock issuance.
The Series J Preferred Stock, with a liquidation preference
