8-KOther EventsExhibits & Filings

ALLSTATE CORP 8-K Report, Corporate Update (Aug 30, 2018)

Filed August 30, 2018For Securities:ALLALL-PJALL-PBALL-PHALL-PI

Summary

Allstate Corporation (ALL) announced via an 8-K filing on August 30, 2018, its decision to redeem all outstanding shares of its Fixed Rate Noncumulative Perpetual Preferred Stock, Series C (Series C Preferred Stock) and the corresponding depositary shares (ALL PR C). This redemption is set to occur on October 15, 2018, for a total of $385 million. This action signals a move by Allstate to simplify its capital structure or potentially refinance its preferred stock. Investors holding Series C Preferred Stock will receive a redemption price of $25.00 per depositary share. The company will also pay a final dividend of $0.421875 per depositary share on the redemption date to shareholders of record as of September 28, 2018, after which dividends on this series will cease to accrue.

Key Highlights

  • 1Allstate Corp. is redeeming all its Series C Fixed Rate Noncumulative Perpetual Preferred Stock (ALL PR C) and associated depositary shares.
  • 2The redemption date is set for October 15, 2018.
  • 3The total redemption payment amounts to $385 million.
  • 4Each depositary share will be redeemed for $25.00.
  • 5A final dividend of $0.421875 per depositary share will be paid on October 15, 2018.
  • 6Record date for the final dividend is September 28, 2018.
  • 7Dividends on the Series C Preferred Stock will cease to accrue after the redemption date.

Frequently Asked Questions

Allstate Corporation is calling for the redemption of all outstanding shares of its Series C Fixed Rate Noncumulative Perpetual Preferred Stock and the corresponding depositary shares (traded under symbol ALL PR C). This means the company will buy back all these shares on a specific date.

The redemption date is October 15, 2018. Each depositary share will be redeemed for $25.00, which is equivalent to $25,000 per share of Series C Preferred Stock.

Yes, Allstate will pay a final cash dividend of $0.421875 per depositary share on October 15, 2018. Shareholders of record as of the close of business on September 28, 2018, will be entitled to this payment.

The total redemption payment for all outstanding Series C Preferred Stock and depositary shares will be $385 million.