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Allstate files for offerings of debt securities, depositary shares

Allstate Corp. has filed a preliminary prospectus supplement for the sale of an undisclosed amount of floating rate senior notes due 2021 and 2023.

The company plans to use the net proceeds from the offering for general corporate purposes, including potentially the repayment at maturity of its 6.75% senior debentures due May 15 and repayment of certain other debts.

Allstate has also filed a preliminary prospectus supplement for the sale of an undetermined amount of depositary shares, each representing a 0.001 interest in a series G fixed rate noncumulative perpetual preferred share, with a liquidation preference of $25,000 per share.

The company will pay dividends on the preferred shares on a noncumulative basis only when, as and if declared by the board and to the extent that the company has legally available funds to pay dividends.

The company intends to use the net proceeds from the depositary shares offering for general corporate purposes, including the potential redemption or repurchase of certain of the company's preferred shares.

Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley and Wells Fargo Securities are acting as joint book runners for the notes offering. Morgan Stanley, Bank of America Merrill Lynch, UBS Investment Bank and Wells Fargo Securities are acting as joint book runners for the depositary shares offering.