Firm Advises Allstate in an Offering of Depositary Shares Representing Underlying Interests in Preferred Stock

March 4, 2014

Willkie advises The Allstate Corporation offer and sale of 26,000,000 Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series E.

On March 3, The Allstate Corporation, represented by Willkie,  settled its issuance and sale of 26,000,000 Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series E, $1.00 par value per share, with a liquidation preference of $25,000 per share.  The underwriters have an option to purchase an additional 3,900,000 Depositary Shares to cover over-allotments.

The joint book-runners on the Depositary Shares offering were Morgan Stanley & Co. LLC, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC.

The Allstate Corporation is the nation’s largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names.  Allstate offers insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives.

The deal was handled by partners John Schwolsky and Vladimir Nicenko and associates Benjamin Nixon and Dunia Rkein.  Partner Christopher Peters and associate Meredith Levy advised on the tax disclosure and partner Ian Levin provided ERISA advice.