PRICING SUPPLEMENT
Filed pursuant to Rule 424(b)(5)
Registration Statement No. 333-129157
Pricing Supplement No. 1 Dated March 20, 2006
(To Prospectus dated March 15, 2006 and
Prospectus Supplement dated March 15, 2006) CUSIP:
02003MAQ7
Allstate Life Global Funding
Secured Medium Term Notes
Issued Through
Allstate Life Global Funding Trust 2006-1
The description in this pricing supplement of the particular terms of the
Secured Medium Term Notes offered hereby (the "Notes"), the Funding Agreement(s)
(specified below) issued by Allstate Life Insurance Company ("Allstate Life")
and deposited into Allstate Life Global Funding Trust 2006- 1 (the "Trust") by
Allstate Life Global Funding ("Global Funding") and the Funding Note (specified
below) issued by Global Funding to the Trust supplements the description of the
general terms and provisions of the notes, the funding agreements and the
funding notes set forth in the accompanying prospectus and prospectus
supplement, to which reference is hereby made.
The Notes will represent the obligations of the issuing entity only and
will not represent the obligations of, or interest in, any other person or
entity, including Global Funding, Allstate Life or any of their respective
affiliates. The Notes will constitute asset-backed securities within the meaning
of Regulation AB under the Securities Act of 1933, as amended.
THE NOTES
Principal Amount: $350,000,000 Agent(s) Discount: 0.0500%
Issue Price: 100% Original Issue Date: March 23, 2006
Net Proceeds to the Trust: $349,825,000 Stated Maturity Date: March 23, 2009
Specified Currency: U.S. Dollars
Interest Payment Dates: March 23, June 23, September 23 Depositary: The Depository Trust Company
and December 23 in each year
Initial Interest Payment Date: June 23, 2006
Regular Record Date: 15 calendar days prior to the Interest Payment Date
Fiscal Year of Trust (not applicable unless different than as specified in the
prospectus and prospectus supplement):
Type of Interest Rate: [ ] Fixed Rate [x ] Floating Rate
Fixed Rate Notes: [ ] Yes [x] No. If, Yes,
Interest Rate:
Floating Rate Notes: [x ] Yes [ ] No. If, Yes,
Regular Floating Rate Notes: [x ] Yes [ ] No. If, Yes,
Interest Rate: Interest Rate Basis plus Spread
Interest Rate Basis(es): See below
Inverse Floating Rate Notes: [ ] Yes [x ] No. If, Yes,
Fixed Interest Rate:
Floating Interest Rate:
Interest Rate Basis(es):
Floating Rate/Fixed Rate Notes: [ ] Yes [x] No. If, Yes,
Floating Interest Rate:
Interest Rate Basis(es):
Fixed Interest Rate:
Fixed Rate Commencement Date:
Initial Interest Rate, if any:
Initial Interest Reset Date:
Interest Rate Basis(es). Check all that apply:
[ ] CD Rate [ ] Federal Funds Rate
[ ] CMT Rate [x] LIBOR
[ ] Commercial Paper Rate [ ] EURIBOR
[ ] Constant Maturity Swap Rate [ ] Prime Rate
[ ] Eleventh District Cost of Funds [ ] Treasury Rate
[ ] Federal Fund Open Rate
If LIBOR:
LIBOR Page: 3750
[x ] LIBOR Moneyline Telerate: [ ] LIBOR Reuters:
LIBOR Currency: U.S. Dollars
If CMT Rate:
Designated CMT Moneyline Telerate Page:
If CMT Moneyline Telerate Page 7052: [ ] Weekly Average
[ ] Monthly Average
Designated CMT Maturity Index:
Index Maturity: Three months
Spread (+/-): +0.04%
Spread Multiplier: Not applicable
Interest Reset Date(s): Each Interest Payment Date
Interest Determination Date(s): The second London banking day preceding the related
Interest Reset Date
Maximum Interest Rate, if any: Not applicable
Minimum Interest Rate, if any: Not applicable
Calculation Agent, if any: J.P. Morgan Trust Company, National Association
Exchange Rate Agent, if any: Not applicable
Computation of Interest (not applicable unless different than as specified in
the prospectus and prospectus supplement):
Day Count Convention (not applicable unless different than as specified in the
prospectus and prospectus supplement):
Amortizing Notes: [ ] Yes [x] No. If, Yes,
Amortizing Schedule:
Additional/Other Terms:
Discount Notes: [ ] Yes [x] No. If, Yes,
Total Amount of Discount:
Initial Accrual Period of Discount:
Additional/Other Terms:
Redemption Provisions: [ ] Yes [x ] No. If, Yes,
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage
Reduction (if any):
Redemption: [ ] In whole only and not in part
[ ] May be in whole or in part
Additional/Other Terms:
Repayment: [ ] Yes [x] No. If, Yes,
Repayment Date(s):
Repayment Price:
Repayment: [ ] In whole only and not in part
[ ] May be in whole or in part
Additional/Other Terms:
Sinking Fund (not applicable unless specified):
Additional Amounts to be Paid for Withholding Tax (not applicable unless
specified):
Securities Exchange Listing: [ ] Yes [x ] No. If Yes, Name of Exchange:
Authorized Denominations: $1,000
Ratings:
The Notes issued under the Program are rated "AA" by Standard & Poor's, a division of The Mc-Graw Hill Companies, Inc.
("S&P"). It is anticipated that Moody's Investors Service, Inc. ("Moody's") will rate the Notes "Aa2" on the Original
Issue Date.
Agent(s) Purchasing Notes as Principal: [x ] Yes [ ] No. If Yes,
Agent(s) Principal Amount Merrill Lynch, Pierce, Fenner & Smith Incorporated
$116,666,667 Lehman Brothers, Inc. $116,666,667 Morgan Stanley & Co.Incorporated
$116,666,666 Total: $350,000,000
Agent(s) Acting as Agent: [ ] Yes [x ] No. If Yes,
Agent(s) Principal Amount
Total:
Additional/Other Terms: Not applicable
Special Tax Considerations: Not applicable
THE FUNDING AGREEMENT(S)
Funding Agreement Issuer: Allstate Life Insurance Company
Funding Agreement No.: FA - 41091
Deposit Amount: $349,825,000
Issue Price: 100%
Net Deposit Amount: $350,000,000
Effective Date: March 23, 2006
Specified Currency: U.S. Dollars
Interest Payment Dates: March 23, June 23, September 23 and December 23
Initial Interest Payment Date: June 23, 2006
Type of Interest Rate: [ ] Fixed Rate [x] Floating Rate
Fixed Rate Funding Agreement: [ ] Yes [v ] No. If Yes,
Interest Rate:
Floating Rate Funding Agreement: [x ] Yes [ ] No. If Yes,
Floating Rate Funding Agreement: [x] Yes [ ] No. If Yes,
Interest Rate: Interest Rate Basis plus Spread
Interest Rate Basis(es): See below
Inverse Floating Rate Funding Agreement: [ ] Yes [x ] No. If Yes,
Fixed Interest Rate:
Floating Interest Rate:
Interest Rate Basis(es):
Floating Rate/Fixed Rate Funding Agreement: [ ] Yes] [x ] No. If Yes,
Floating Interest Rate:
Interest Rate Basis(es):
Fixed Interest Rate:
Fixed Rate Commencement Date:
Initial Interest Rate, if any:
Initial Interest Reset Date:
Interest Rate Basis(es). Check all that apply:
[ ] CD Rate
[ ] CMT Rate [ ] Commercial Paper Rate
[ ] Constant Maturity Swap Rate [ ] Eleventh District Cost of Funds Rate
[x ] LIBOR [ ] Federal Funds Open Rate
[ ] EURIBOR [ ] Federal Funds Rate
[ ] Prime Rate [ ] Treasury Rate
If LIBOR:
LIBOR Page: 3750
[x ] LIBOR Moneyline Telerate: [ ] LIBOR Reuters:
LIBOR Currency: U.S. Dollars
If CMT Rate:
Designated CMT Moneyline Telerate Page:
[ ] Weekly Average
If CMT Moneyline Telerate Page 7052: [ ] Monthly Average
Designated CMT Maturity Index:
Index Maturity: Three months
Spread (+/-): +0.04%
Spread Multiplier: Not applicable
Interest Reset Date(s): Each Interest Payment Date
Interest Determination Date(s): The second London banking day preceding the
related Interest Reset Date
Maximum Interest Rate, if any: Not applicable
Minimum Interest Rate, if any: Not applicable
Calculation Agent, if any: J.P. Morgan Trust Company, National Association
Day Count Convention: Actual/360
Amortizing Funding Agreement: [ ] Yes [ x ] No. If Yes,
Amortizing Schedule:
Additional/Other Terms:
Additional/Other Terms:
Discount Funding Agreement: [ ] Yes [x ] No. If Yes,
Total Amount of Discount:
Initial Accrual Period of Discount:
Additional/Other Terms:
Redemption Provisions: [ ] Yes [ x ] No. If Yes,
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction
(if any):
Redemption: [ ] In whole only and not in part
[ ] May be in whole or in part
Additional/Other Terms:
Repayment: [ ] Yes [ x ] No. If Yes,
Repayment Date(s):
Repayment Price:
Repayment: [ ] In whole only and not in part
[ ] May be in whole or in part
Additional/Other Terms:
Sinking Fund (not applicable unless specified):
Additional Amounts to be Paid For Withholding Tax (not applicable unless
specified):
Ratings:
The Funding Agreements issued under the Program are rated AA by S&P. It is
anticipated that the Funding Agreement(s) will be rated Aa2 by Moody's on the
Original Issue Date.
Additional/Other Terms, if any:
Special Tax Considerations:
THE FUNDING NOTE
Funding Note Issuer: Allstate Life Global Funding
Funding Note No.: FA - 41091
Principal Amount: $350,000,000
The Funding Note will otherwise have payment and other terms substantially
similar to the Funding Agreement(s) and the Notes, except that the terms of the
Funding Note will provide that it will be cancelled immediately upon the sale
of, and deposit into, the Trust by Global Funding of the Funding Agreement(s).