Summary
The Allstate Corporation (ALL) announced via an 8-K filing on February 17, 2023, its intention to redeem all outstanding shares of its Fixed Rate Noncumulative Perpetual Preferred Stock, Series G (and corresponding Depositary Shares). The redemption is scheduled for April 17, 2023, with a total redemption payment of $575,000,000. This action signifies a significant financial maneuver by Allstate, likely aimed at optimizing its capital structure or reducing interest expenses associated with this preferred stock. Investors holding the Series G Depositary Shares (ALL PR G) should be aware of the redemption date and the payment amount. A final dividend will be paid on April 17, 2023, to shareholders of record as of March 31, 2023, after which dividend accrual will cease.
Key Highlights
- 1Allstate Corporation is redeeming all of its Series G Preferred Stock and corresponding Depositary Shares.
- 2The redemption date is set for April 17, 2023.
- 3The total redemption payment amounts to $575,000,000 ($25 per Depositary Share).
- 4Dividends on the Series G Preferred Stock will cease to accrue after the redemption date.
- 5A final cash dividend of $0.3515625 per Series G Depositary Share will be paid on April 17, 2023, to shareholders of record on March 31, 2023.
- 6The Series G Depositary Shares are traded on the NYSE under the symbol 'ALL PR G'.