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Allstate prices preferred stock offering

Allstate Corp. priced a public offering of $1.15 billion of its 5.10% series H fixed-rate noncumulative perpetual preferred stock.

The offering is expected to close Aug. 8. Dividends will be paid quarterly on Jan. 15, April 15, July 15 and Oct. 15 of each year, starting in October.

Allstate intends to use the net proceeds from the offering to redeem its existing series of preferred shares.