By Cristal Cody
Tupelo, Miss., Nov. 17 – Equitable Holdings, Inc. subsidiary Equitable Financial Life Global Funding (A2/A+) priced $800 million of senior secured notes in two tranches, according to a market source.
A $500 million offering of 0.5% three-year notes priced at a spread of 32 basis points over Treasuries, tighter than initial talk in the 50 bps spread area.
Equitable Financial Life sold $300 million of 1.75% 10-year notes with a 90 bps over Treasuries spread.
Initial price talk was in the Treasuries plus 100 bps area.
BofA Securities, Inc., Barclays, Citigroup Global Markets Inc. and PNC Capital Markets 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
|
| Amount: | $800 million
|
| Description: | Senior secured notes
|
| Bookrunners: | BofA Securities, Inc., Barclays, Citigroup Global Markets Inc. and PNC Capital Markets LLC
|
| Trade date: | Nov. 12
|
| Ratings: | Moody’s: A2
|
| S&P: A+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year notes
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| Amount: | $500 million
|
| Maturity: | Nov. 17, 2023
|
| Coupon: | 0.5%
|
| Spread: | Treasuries plus 32 bps
|
| Price guidance: | Treasuries plus 50 bps area
|
|
|
| 10-year notes
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| Amount: | $300 million
|
| Maturity: | Nov. 15, 2030
|
| Coupon: | 1.75%
|
| Spread: | Treasuries plus 90 bps
|
| Price guidance: | Treasuries plus 100 bps area
|
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