By Cristal Cody
Tupelo, Miss., June 29 – Equitable Holdings, Inc. subsidiary Equitable Financial Life Global Funding (A2/A+) priced a $650 million inaugural offering of 1.4% funding agreement-backed notes on Monday at a spread of 115 basis points over Treasuries, according to a market source.
Initial price talk was in the Treasuries plus 137.5 bps area.
BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the bookrunners.
The company held fixed income investor calls for the deal on Wednesday.
Equitable Holdings, formerly known as AXA Equitable Holdings, Inc., is a New York-based insurance holding company.
| Issuer: | Equitable Financial Life Global Funding
|
| Amount: | $650 million
|
| Description: | Funding agreement-backed notes
|
| Maturity: | July 7, 2025
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Coupon: | 1.4%
|
| Spread: | Treasuries plus 115 bps
|
| Trade date: | June 29
|
| Ratings: | Moody’s: A2
|
| S&P: A+
|
| Price guidance: | Treasuries plus 137.5 bps area
|
| Marketing: | Fixed income investor calls
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
