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Allstate Gets $1 Billion Credit Facility

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NU Online News Service, June 7, 2004, 1:20 p.m. EDT – The Allstate Corp., Northbrook, Ill., has obtained a $1 billion, 5-year revolving credit facility.[@@]

A revolving credit facility is like a credit card account for a corporation.

A few years ago, some insurers and managed care companies had trouble finding financing, but times have changed: Allstate reports that the new credit facility was over-subscribed.

Units of the Bank of New York Company Inc., New York, and J.P. Morgan Chase & Company, New York, arranged the facility.