Pricing Supplement
Filed pursuant to Rule 424(b)(5)
Registration Statement Nos. 333-129157 and 333-129157-01
Pricing Supplement No. 11 Dated June 20, 2007
(To Prospectus dated March 15, 2006 and
Prospectus Supplement dated
March 15, 2006)
CUSIP: 02003MBD5
Allstate Life Global Funding
Secured Medium Term Notes
Issued Through
Allstate Life Global Funding Trust 2007-7
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 2007-7
(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: $400,000,000 Agent(s) Discount: 0.03000%
Issue Price: 100.00% Original Issue Date: June 25, 2007
Net Proceeds to the Trust: $399,880,000 Stated Maturity Date: June 25, 2010
Specified Currency: U.S. Dollars Depositary: The Depository Trust Company
Interest Payment Dates: The 25th of each month, subject to the Modified Interest Reset Dates: The 25th of each month,
Following Business Day Convention. The final Interest Payment Date will be subject to the Modified Following Business Day
the maturity date. Convention.
Initial Interest Payment Date: July 25, 2007, subject to the Modified Initial Interest Reset Date: July 25, 2007, subject
Following Business Day Convention. to the Modified Following Business Day Convention.
Regular Record Date: 15 calendar days prior to the Interest Payment Date
Modified Following Business Day Convention: If any Interest Payment Date or Interest Reset Date
would otherwise be a day that is not a Business
Day, such Interest Payment Date or Interest Reset
Date, as the case may be, will be postponed to the
next succeeding Business Day, except that, if such
Business Day is in the succeeding calendar month,
such Interest Payment Date or Interest Reset Date
will be the immediately preceding Business Day. The
final Interest Payment Date for the Notes will be
the maturity date and interest for the final
Interest Period will accrue from and including the
Interest Payment Date immediately preceding the
maturity date to but excluding the maturity date.
If the maturity date would otherwise be a day that
is not a Business Day, any payment of principal,
premium, if any, and interest or other amounts,
will be made on the immediately succeeding Business
Day, and no additional interest will accrue in
respect of the payment made on that next succeeding
Business Day.
Business Day: Any day, other than a Saturday or Sunday,
that is neither a legal holiday nor a day on
which commercial banks are authorized or
required by law, regulation or executive order
to close in London and New York, New York.
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: The Initial Interest Rate for the Notes offered by
this Pricing Supplement will be the Interest
Rate Basis plus the Spread dermined in accordance
with the provisions of this Pricing Supplement
and the Prospectus Supplements, subject to
adjustment in accordance with the Modified
Following Business Day Convention.
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 (or any replacement page)
[x] LIBOR Moneyline Telerate (or any successor service): [ ] LIBOR Reuters:
LIBOR Currency: U.S. Dollars
If CMT Rate:
Designated CMT Moneyline Telerate Page: Not applicable
If CMT Moneyline Telerate Page 7052: [ ] Weekly Average
[ ] Monthly Average
Designated CMT Maturity Index: Not applicable
Index Maturity: One month
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: The Bank of New York Trust Company, N.A.
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 $200,000,000
Banc of America Securities LLC $200,000,000
------------
Total: $400,000,000
============
Agent(s) Acting as Agent: [ ] Yes [x] No. If Yes,
Additional/Other Terms: None
Special Tax Considerations: None
THE FUNDING AGREEMENT(S)
Funding Agreement Issuer: Allstate Life Insurance Company
Funding Agreement No.: FA - 41102
Deposit Amount: $400,000,000
Issue Price: 100.00%
Net Deposit Amount: $399,880,000
Effective Date: June 25, 2007
Specified Currency: U.S. Dollars
Interest Payment Dates: The 25th of each month, subject to the Funding
Agreement Modified Following Business Day
Convention. The final Interest Payment Date will
be the maturity date.
Initial Interest Payment Date: July 25, 2007, subject to the Funding Agreement
Modified Following Business Day Convention.
Interest Reset Dates: The 25th of each month, subject to the Funding
Agreement Modified Following Business Day
Convention.
Initial Interest Reset Date: July 25, 2007, subject to the Funding Agreement
Modified Following Business Day Convention.
Funding Agreement Modified Following Business Day Convention: If any Interest Payment Date or Interest Reset Date
would otherwise be a day that is not a Funding
Agreement Business Day, such Interest Payment Date
or Interest Reset Date, as the case may be, will be
postponed to the next succeeding Funding Agreement
Business Day, except that, if such Funding
Agreement Business Day is in the succeeding
calendar month, such Interest Payment Date or
Interest Reset Date will be the immediately
preceding Funding Agreement Business Day. The final
Interest Payment Date for the Funding Agreement
will be the maturity date and interest for the
final Interest Period will accrue from and
including the Interest Payment Date immediately
preceding the maturity date to but excluding the
maturity date. If the maturity date would otherwise
be a day that is not a Funding Agreement Business
Day, any payment of principal, premium, if any,
and interest or other amounts, will be made on the
immediately succeeding Funding Agreement Business
Day, and no additional interest will accrue in
respect of the payment made on that next succeeding
Funding Agreement Business Day.
Funding Agreement Business Day: Any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which
commercial banks are authorized or required by law,
regulation or executive order to close in London
and New York, New York.
Type of Interest Rate: [ ] Fixed Rate [x] Floating Rate
Fixed Rate Funding Agreement: [ ] Yes [x] No. If Yes,
Interest Rate:
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: The Initial Interest Rate for the Funding
Agreement offered by this Pricing Supplement will
be the Interest Rate Basis plus the Spread
determined in accordance with the provisions of
this Pricing Supplement and the Prospectus
Supplements, subject to adjustment in accordance
with the Funding Agreement Modified Following
Business Day Convention.
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 (or any replacement page)
[x] LIBOR Moneyline Telerate (or any successor service): [ ] LIBOR Reuters:
LIBOR Currency: U.S. Dollars
If CMT Rate:
Designated CMT Moneyline Telerate Page: Not applicable
[ ] Weekly Average
If CMT Moneyline Telerate Page 7052: [ ] Monthly Average
Designated CMT Maturity Index: Not applicable
Index Maturity: One month
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: The Bank of New York Trust Company, N.A.
Day Count Convention: Actual/360
Amortizing Funding Agreement: [ ] Yes [x] No. If Yes,
Amortizing Schedule:
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: None
Special Tax Considerations: None
THE FUNDING NOTE
Funding Note Issuer: Allstate Life Global Funding
Funding Note No.: FA - 41102
Principal Amount: $400,000,000
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).