- Language: English
- 1091 Pages
- Published: October 2012
- Region: Global
Allstate Corp.'s $550M, Five-Year, 5.375% Notes Rated 'A+' Nov 01
- Published: November 2001
- Standard & Poors
NEW YORK (Standard & Poor's) Nov. 28, 2001--Standard & Poor's today assigned its single-'A'-plus senior debt rating to Allstate Corp.'s (Allstate) $550 million, five-year notes issuance, which was sold at a 5.375% coupon rate. Allstate intends to use the net proceeds from this offering to fund the redemption of approximately $550 million of 7.95% junior subordinated deferrable interest debentures, Series A on its balance sheet. In turn, all 22 million shares of the 7.95% cumulative quarterly income preferred securities, Series A, issued by Allstate Financing I in 1996, will be redeemed on Dec. 7, 2001. After the transaction, Allstate's financial leverage (i.e., debt plus preferred as a percent of capitalization) is expected to remain unchanged at a level below 20%....
Companies mentioned in this report are: Allstate Corp.,Allstate Insurance Co.,Allstate Life Insurance Co.,Allstate Financing I
Action: New Rating
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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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Allstate Corp.,Allstate Insurance Co.,Allstate Life Insurance Co.,Allstate Financing I