NORTHBROOK, Ill., Nov. 8, 2011 /PRNewswire/ -- The Allstate
Corporation (NYSE: ALL) today announced that its board of directors
has approved plans to issue preferred stock and senior unsecured
debt to fund a new $1.0 billion share
repurchase program and repay maturing debt. The board also approved
a quarterly dividend of 21 cents per
share.
"We believe this is an opportune time to repurchase common stock
given Allstate's current valuation," said Thomas J. Wilson, Allstate's chairman, president
and chief executive officer. "As a result, we plan to adjust our
capital structure to capture this opportunity while maintaining our
strong capital position. Our $1.0
billion share repurchase program and upcoming 2012 debt
maturity will be funded by issuing a combination of preferred stock
and senior unsecured notes totaling $1.25
billion, market conditions permitting." The share repurchase
program will be made through open market purchases and may include
an accelerated repurchase program. The program is expected to be
completed by March 31, 2013.
The board also approved a quarterly dividend of 21 cents on each outstanding share of the
corporation's common stock, payable in cash on January 3, 2012 to stockholders of record at the
close of business on November 30,
2011.
This press release contains "forward-looking statements" that
anticipate results based on our estimates, assumptions and plans
that are subject to uncertainty. We believe that these statements
are based on reasonable estimates, assumptions and plans. However,
if the estimates, assumptions or plans underlying the
forward-looking statements prove inaccurate or if other risks or
uncertainties arise, actual results could differ materially from
those communicated in these forward-looking statements. These
statements are made subject to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995. We assume no
obligation to update any forward-looking statements as a result of
new information or future events or developments.
Allstate has filed a registration statement (including a
prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the
prospectus in that registration statement and other documents
Allstate has filed with the SEC for more complete information about
Allstate and this offering. You may get these documents for free by
visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, Allstate will arrange to send you the prospectus if
you request it by calling tollfree 1-800-416-8803.
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer known for its "You're In Good
Hands With Allstate®" slogan. Now celebrating its 80th anniversary
as an insurer, Allstate is reinventing protection and retirement to
help nearly 16 million households insure what they have today and
better prepare for tomorrow. Consumers access Allstate insurance
products (auto, home, life and retirement) and services through
Allstate agencies, independent agencies, and Allstate exclusive
financial representatives in the U.S. and Canada, as well as via www.allstate.com and
1-800 Allstate®.
SOURCE The Allstate Corporation