May 4, 2007

The Allstate Corporation launches and prices $1 billion in subordinated debentures due 2067.

On May 3, personal lines insurer The Allstate Corporation launched and priced $1 billion in subordinated debentures due 2067.   Willkie served as underwriters' counsel in the transaction, which was lead by Goldman, Sachs & Co. and JP Morgan Securities Inc. as joint bookrunners and structuring coordinators.  The offering comprises $500 million in Series A 6.50% Fixed-to-Floating Rate Junior Subordinated Debentures and $500 million in Series B 6.125% Fixed-to-Floating Rate Junior Subordinated Debentures.  The Allstate Corporation is the nation’s largest publicly held personal lines insurer, with $157.5 billion in assets.  The company offers 13 major lines of insurance, including auto, property and life.  The deal was handled by partners Jeffrey Hochman and Richard Reinhold and associates Michael Brandt and Adam Shulman.