Allstate to repay 5%, 6.2% notes due 2014 with proceeds of preferreds

By Tali David

Minneapolis, Sept. 23 - Allstate Corp. plans to prefund the repayment of $650 million of its 5% senior notes due 2014 and $300 million of its 6.2% senior notes due 2014 with the proceeds from a preferred stock offering, according to a 424B5 filing with the Securities and Exchange Commission.

Pending the application of the proceeds for the repayment, the company said it may invest the net proceeds in short-term interest-bearing, investment-grade securities or similar assets.

Allstate is a Northbrook, Ill.-based insurance company.

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