UPDATE: Allstate Corp Sells $500Mln In US Debt Markets
January 09 2012 - 2:23PM
Dow Jones News
Allstate Corp. (ALL) completed its $500 million sale of 5.20%,
30-year bonds in the U.S. debt markets on Monday, pricing them at
225 basis points over the Treasury rate, according to a person
familiar with the matter.
The anticipated ratings on the senior unsecured notes are A3
from Moody's Investors Service, A-minus from Standard & Poor's
and BBB-plus from Fitch Ratings. The deal is registered with the
Securities and Exchange Commission.
Goldman Sachs and J.P. Morgan were the lead underwriters, with
support from Barclays Capital.
The insurance holding company is raising funds to help repay
$350 million of 6.125% notes due Feb. 15, to buy back common stock
in the open market and for general corporate purposes.
-By Patrick McGee, Dow Jones Newswires; 212-416-2382;
patrick.mcgee@dowjones.com
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