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AXA to sell $25-par fixed-rate non-cumulative preferred stock
By James McCandless
San Antonio, Nov. 20 – AXA Equitable Holdings, Inc. plans to price an offering of $25-par series A fixed-rate non-cumulative perpetual preferred stock, according to a 424B5 filing with the Securities and Exchange Commission.
Morgan Stanley & Co. LLC, BofA Securities, Inc., Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are the joint bookrunners.
Dividends will be payable on March 15, June 15, Sept. 15 and Dec. 15 of each year, commencing on March 15, 2020.
The preferreds are redeemable on or after Dec. 15, 2024 at par. Prior to that, the preferreds are redeemable within 90 days after a regulatory capital event at par and within 90 days after a rating agency event at $25.50.
AXA plans to use the proceeds for general corporate purposes.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “EQHPrA.”
AXA is a New York-based diversified financial services company.
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