The Allstate Corporation ALL today announced that it had received tenders totaling approximately $1.8
billion of its outstanding debt as of the Early Tender Time as outlined in the
table below.
Allstate commenced the tender offers for certain of its outstanding debt
securities as part of the company's recently announced capital management
plan. This plan includes cash tenders, debt prefunding and proposed new
issuances of preferred stock, subordinated 'hybrid' debt and senior debt, and
is intended to enhance the company's strategic and capital flexibility.
Acceptance Principal Aggregate Percent of
Title of Notes CUSIP Priority Amount Principal Amount
Numbers Level Outstanding Amount Outstanding
Tendered Tendered
Waterfall Offers
First Tranche
Waterfall Notes
7.450% Senior
Notes, Series B 020002AX9 1 $700,000,000 $375,067,000 53.58%
due 2019
6.75% Senior
Debentures due 020002AH4 2 $250,000,000 $72,604,000 29.04%
2018
Total – First
Tranche Waterfall $950,000,000 $447,671,000 47.12%
Notes
Second Tranche
Waterfall Notes
6.90% Senior
Debentures due 020002AJ0 1 $250,000,000 $84,834,000 33.93%
2038
6.125% Senior 020002AP6 2 $250,000,000 $89,503,000 35.80%
Notes due 2032
5.95% Senior 020002AT8 3 $650,000,000 $244,876,000 37.67%
Notes due 2036
5.55% Senior 020002AS0 4 $800,000,000 $236,695,000 29.59%
Notes due 2035
5.350% Senior 020002AQ4 5 $400,000,000 $76,509,000 19.13%
Notes due 2033
5.200% Senior 020002AY7 6 $500,000,000 $379,449,000 75.89%
Notes due 2042
Total – Second
Tranche Waterfall $2,850,000,000 $1,111,866,000 39.01%
Notes
Any and All Offer
Hybrid Notes
Series B 6.125%
Fixed-to-Floating
Rate Junior 020002AV3 N/A $500,000,000 $235,019,000 47.00%
Subordinated
Debentures due
2067(1)
(1) Call date May 15, 2017
Allstate's previously announced tender offers comprise:
o an offer (the "First Tranche Waterfall Offer") to purchase up to $400
million aggregate principal amount, which has been increased to $475
million aggregate principal amount, of the First Tranche Waterfall Notes
set forth in the preceding table, each at a price determined by reference
to a fixed spread above the bid-side yield on the applicable reference
security and accepted in accordance with the acceptance priority level set
forth in the Offer to Purchase;
o an offer (the "Second Tranche Waterfall Offer", and together with the
First Tranche Waterfall Offer, the "Waterfall Offers") to purchase up to
$1.1 billion aggregate principal amount, which has been increased to $1.2
billion aggregate principal amount, of the Second Tranche Waterfall Notes
set forth in the preceding table, each at a price determined by reference
to a fixed spread above the bid-side yield on the applicable reference
security and accepted in accordance with the acceptance priority level set
forth in the Offer to Purchase; and
o an offer (the "Any and All Offer") to purchase any and all of the Hybrid
Notes at a price determined by reference to a fixed spread above the
bid-side yield on the applicable reference security as set forth in the
Offer to Purchase.
The aggregate principal amount of the First Tranche Waterfall Offer has been
increased from $400 million to $475 million and the aggregate principal amount
of the Second Tranche Waterfall Offer has been increased from $1.1 billion to
$1.2 billion. Because of these increases all of the First Tranche Waterfall
Notes, Second Tranche Waterfall Notes, and Hybrid Notes validly tendered as of
5:00 p.m. New York time on June 5, 2013 will be accepted. Allstate expects to
settle the accepted Notes on June 20, 2013.
The Offers are described in the Offer to Purchase dated May 22, 2013 and the
related Letter of Transmittal dated May 22, 2013 (together, the "Offer
Documents"), previously sent to holders of the Notes.
The Offers will expire at 11:59 p.m., New York City time, on June 19, 2013,
unless extended or earlier terminated by Allstate (such date and time with
respect to an Offer, as the same may be extended or earlier terminated, the
"Expiration Time"). Holders that validly tender their Notes after 5:00 p.m.
New York City time on June 5, 2013 and at or prior to the applicable
Expiration Time for an Offer will not be eligible to receive the Early Tender
Payment and will only be eligible to receive the applicable Tender Offer
Consideration. Holders that validly tender Notes that are accepted for
purchase by Allstate will receive accrued and unpaid interest from, and
including, the most recent previous interest payment date on those Notes to,
but not including, the applicable Settlement Date for such Notes, in each case
rounded to the nearest cent ("Accrued Interest"). Notes validly tendered after
5:00 p.m., New York City time, on June 5, 2013 may not be withdrawn, unless
the Withdrawal Deadline is extended by Allstate.
With respect to each series of Notes in the First Tranche Waterfall Offer,
Second Tranche Waterfall Offer and Any and All Offer, the Reference Yield will
be the applicable bid-side yield on the Reference Security as determined by
the Dealer Managers in accordance with standard market practice, as of 2:00 pm
New York City time, on June 6, 2013 (such date and time, the "Price
Determination Time"), as reported on the Reference Page. If such bid-side
yield is not available on a timely basis on the applicable Reference Page or
is manifestly erroneous, such other recognized quotation source as the Dealer
Managers may select in their sole discretion.
Capitalized terms used in this news release and not defined herein have the
meanings given to them in the Offer to Purchase.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in