Equitable Holdings to sell $300 million fixed-rate reset preferreds in 5.25% area

By James McCandless

San Antonio, Aug. 6 – Equitable Holdings, Inc. plans to price a $300 million offering of $1,000-par series B fixed-rate reset non-cumulative perpetual preferred stock with a dividend in the 5.25% area, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are the bookrunners.

Dividends are payable on June 15 and Dec. 15, starting on Dec. 15, 2020.

The dividend resets on Dec. 15, 2025 and every five years thereafter to the Treasury rate plus a spread.

The preferreds are redeemable within three months of any reset date at par, within 90 days after a regulatory capital event at par or within 90 days after a rating agency event at $25.50.

Equitable Holdings plans to use the proceeds for general corporate purposes.

The company does not plan to list the preferreds on any securities exchange.

Equitable Holdings is a New York-based diversified financial services company.

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