NORTHBROOK -- Allstate Corp said Friday it has priced $1.2 billion of 5-year and 10-year loans through a syndicate comprised of minority-, women- and veteran-owned business enterprises. This is the first time a corporate bond offering of this size has been managed exclusively by a syndicate consisting of such a mix, the insurer said.
The $1.2 billion offering of 5- and 10-year senior notes will fund a portion of Allstate's $4 billion acquisition of auto insurer National General Holding Corp., a deal announced in July and expected to close in early 2021.
"It is time to take a stand to create more equity in the securities markets," said Tom Wilson, Allstate's chair, president and CEO.
Sustaining such efforts will require the commitment of other corporate bond issuers, investment managers and leading investment banks, many of whom have extensive programs that are being expanded, he said.