By Andrea Heisinger
New York, May 11 - Allstate Corp. sold $1 billion of senior notes (A3/A-/A) in two tranches Monday, an informed source said.
The $300 million of five-year notes came to market at a spread of Treasuries plus 420 basis points. The 6.2% notes priced at 99.859 to yield 6.233%. They have a make-whole call at Treasuries plus 40 bps.
The $700 million 10-year tranche priced at Treasuries plus 430 bps. The notes came with a 7.45% coupon at 99.728 to yield 7.489%. This portion has a make-whole call at Treasuries plus 45 bps.
Barclays Capital, Goldman Sachs & Co. and J.P. Morgan Securities were bookrunners.
Proceeds will go for general corporate purposes including facilitating repayment of $750 million of senior notes due Dec. 1.
The holding company for insurance subsidiaries is based in Northbrook, Ill.
| Issuer: | Allstate Corp.
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | Barclays Capital, Goldman Sachs & Co., J.P. Morgan Securities
|
| Trade date: | May 11
|
| Settlement date: | May 13
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A
|
|
|
| Five-year notes
|
| Amount: | $300 million
|
| Maturity: | May 16, 2014
|
| Coupon: | 6.2%
|
| Price: | 99.859
|
| Yield: | 6.233%
|
| Spread: | Treasuries plus 420 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
|
|
| Ten-year notes
|
| Amount: | $700 million
|
| Maturity: | May 16, 2019
|
| Coupon: | 7.45%
|
| Price: | 99.728
|
| Yield: | 7.489%
|
| Spread: | Treasuries plus 430 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
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