Allstate Settles Issuance and Sale of 46 Million Depositary Shares

August 15, 2019

Willkie represented the Allstate Corporation, one of the largest publicly held personal lines insurers in the U.S., in the preferred stock offering.

On August 8, The Allstate Corporation, represented by Willkie, settled its issuance and sale of a total of 46,000,000 Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series H, $1.00 par value per share, with a liquidation preference of $25,000 per share. The joint book-runners on the Depositary Shares offering were BofA Securities, Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC.

Allstate is one of the largest publicly held personal lines insurers in the United States and the third largest personal property and casualty insurer in the United States. Through its Allstate®, Encompass®, Esurance® brands and Answer Financial, Allstate offers private passenger auto, homeowners, other personal lines and small commercial insurance products through agencies and directly through contact centers and the internet.

The deal was handled by partners John Schwolsky and Benjamin Nixon and associates Hugh McLaughlin and Michelle Bai. Counsel Catherine Harrington advised on the tax disclosure and partner Peter Haller provided ERISA advice.