8-KOther EventsExhibits & Filings

ALLSTATE CORP 8-K Report, Corporate Update (Aug 8, 2019)

Filed August 8, 2019For Securities:ALLALL-PJALL-PBALL-PHALL-PI

Summary

This 8-K filing from The Allstate Corporation (ALL) reports on the closing of its public offering of Series H Preferred Stock. The company successfully issued an aggregate of 46,000,000 depositary shares, each representing a 1/1000th interest in a share of its Fixed Rate Noncumulative Perpetual Preferred Stock, Series H. This offering was conducted under a previously filed registration statement and marks a significant capital raise activity for the company. Investors should note that this is a preferred stock issuance, which typically ranks senior to common stock in terms of dividends and liquidation preference but is subordinate to debt. The noncumulative nature of the dividends means that any missed dividend payments are not carried forward. The filing provides details on the deposit agreement, forms of stock and depositary receipts, and legal opinions related to the issuance.

Key Highlights

  • 1Allstate Corporation closed a public offering of 46,000,000 depositary shares representing Series H Preferred Stock on August 8, 2019.
  • 2Each depositary share represents a 1/1000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series H.
  • 3The Series H Preferred Stock has a liquidation preference of $25,000 per share.
  • 4The offering was registered under Allstate's Form S-3 registration statement (File No. 333-224541).
  • 5The filing includes the Deposit Agreement, Form of Series H Preferred Stock Certificate, Form of Depositary Receipt, and legal opinions as exhibits.
  • 6The preferred stock is noncumulative, meaning missed dividend payments are not accumulated.
  • 7This transaction represents a capital markets event for Allstate, impacting its capital structure.

Frequently Asked Questions

This 8-K filing announces the closing of The Allstate Corporation's public offering of its Series H Preferred Stock, providing details about the number of depositary shares issued and related documentation.

The Series H Preferred Stock is fixed-rate, noncumulative, perpetual preferred stock with a liquidation preference of $25,000 per share. Dividends are noncumulative, meaning missed payments are not carried forward.

The offering increases Allstate's equity base by issuing preferred stock, which is a hybrid security with characteristics of both debt and equity. It strengthens the company's capital position but also creates a new class of security with dividend obligations to its holders.

The primary parties are The Allstate Corporation (the issuer), Equiniti Trust Company (as the depositary), and the holders of the depositary shares. Willkie Farr & Gallagher LLP provided legal opinions.