8-KOther EventsExhibits & Filings

ALLSTATE CORP 8-K Report, Corporate Update (Aug 8, 2013)

Filed August 8, 2013For Securities:ALLALL-PJALL-PBALL-PHALL-PI

Summary

The Allstate Corporation (ALL) filed an 8-K on August 7, 2013, reporting on the issuance of $800 million in Series B 5.750% Fixed-to-Floating Rate Subordinated Debentures due 2053. This transaction was executed through an Underwriting Agreement with major financial institutions, including J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and Goldman, Sachs & Co. These debentures were registered under a previously filed Form S-3 and were issued pursuant to an existing Indenture, as amended by an Eighth Supplemental Indenture dated August 8, 2013. The filing also includes opinions from legal counsel, Willkie Farr & Gallagher LLP, regarding the validity and tax implications of these debentures. This debt issuance indicates Allstate's strategy to manage its capital structure and potentially fund ongoing operations or strategic initiatives.

Key Highlights

  • 1Allstate Corporation issued $800 million in Series B 5.750% Fixed-to-Floating Rate Subordinated Debentures due 2053.
  • 2The issuance occurred on August 5, 2013, as reported in an 8-K filed on August 7, 2013.
  • 3Underwriters for the offering included J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and Goldman, Sachs & Co.
  • 4The debentures are subordinated and have a fixed-to-floating interest rate structure.
  • 5The issuance was made under a Form S-3 registration statement (File No. 333-181059).
  • 6Legal opinions on the validity and tax treatment of the debentures were provided by Willkie Farr & Gallagher LLP.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report on the material event of The Allstate Corporation entering into an Underwriting Agreement to issue $800 million of Series B 5.750% Fixed-to-Floating Rate Subordinated Debentures due 2053.

The debentures are subordinated debt, have an aggregate principal amount of $800 million, carry a coupon rate of 5.750% fixed initially, and are set to mature in 2053. They are also characterized as having a fixed-to-floating rate structure.

The lead underwriters, acting as representatives for several underwriters, were J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and Goldman, Sachs & Co.

No, this 8-K filing does not include updated financial statements or specific performance data. It is primarily focused on reporting the details of the debt issuance and related agreements.