By Cristal Cody
Tupelo, Miss., Aug. 25 – Equitable Holdings, Inc. subsidiary Equitable Financial Life Global Funding (A2/A+) priced an upsized $500 million of 1.4% seven-year funding agreement-backed notes on Tuesday at a spread of Treasuries plus 95 basis points, according to a market source.
Initial price talk was in the Treasuries plus 110 bps area.
The deal was upsized from $300 million.
Deutsche Bank Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC were the bookrunners of the Rule 144A and Regulation S offering.
Equitable Holdings, formerly known as AXA Equitable Holdings, Inc., is a New York-based insurance holding company.
| Issuer: | Equitable Financial Life Global Funding
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| Amount: | $500 million
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| Description: | Funding agreement-backed notes
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| Maturity: | Aug. 27, 2027
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| Bookrunners: | Deutsche Bank Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
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| Coupon: | 1.4%
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| Spread: | Treasuries plus 95 bps
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| Trade date: | Aug. 25
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| Ratings: | Moody’s: A2
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| S&P: A+
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| Distribution: | Rule 144A and Regulation S
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| Price guidance: | Treasuries plus 110 bps area
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