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Equitable Holdings talks $300 million perpetual preferreds in 4.5% area
By Cady Vishniac and Cristal Cody
Detroit, Jan. 5 – Equitable Holdings, Inc. talked a planned offering of $300 million of fixed-rate non-cumulative perpetual preferred stock, series C, (Ba1) in the 4.5% area, according to a 424B5 filing with the Securities and Exchange Commission.
Each share, at par of $25, represents 1/1000 interest in the preferred stock.
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 each March 15, June 15, Sept. 15 and Dec. 15, beginning March 15, 2021.
Prior to March 15, 2026, the preferreds will be redeemable in whole but not in part within 90 days of a rating agency event or regulatory capital event at $25.50. On or after March 15, 2026, the shares will be redeemable in whole or in part on any dividend payment date at par of $25.00 plus any dividend due.
Equitable Holdings plans to use the proceeds to retire its 2023 notes.
The company intends to apply for a listing for the preferreds on the New York Stock Exchange under the symbol “EQHPrC.”
Equitable Holdings is a New York-based diversified financial services company.
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