Published on 1/6/2021 in the Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.
New Issue: Equitable Holdings prices $300 million of 4.3% non-cumulative preferreds at par
By Taylor Fox
New York, Jan. 6 – Equitable Holdings, Inc. priced $300 million of 4.3% fixed-rate non-cumulative perpetual preferred stock, series C, (Ba1/BBB-) at par, according to an FWP filing with the Securities and Exchange Commission.
Each of the 12 million shares, 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 quarterly 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 at $25.50 or upon a regulatory capital event at par. On or after March 15, 2026, the preferreds will be redeemable at par.
The company intends to apply for a listing for the preferreds on the New York Stock Exchange under the symbol “EQHPrC.”
Equitable Holdings plans to use the proceeds to retire its 2023 notes.
Equitable Holdings is a New York-based diversified financial services company.
| Issuer: | Equitable Holdings, Inc.
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| Issue: | Non-cumulative preferred stock, series C
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| Amount: | $300 million
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| Maturity: | Perpetual
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| Bookrunners: | Morgan Stanley & Co. LLC, BofA Securities Inc., Wells Fargo Securities LLC and J.P. Morgan Securities LLC
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| Co-managers: | Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Natixis Securities Americas LLC, PNC Capital Markets LLC, SG Americas Securities, LLC and Truist Securities, Inc.
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| Dividend: | 4.3%
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| Price: | Par of $25.00
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| Yield: | 4.3%
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| Call: | Prior to March 15, 2026, redeemable in whole but not in part within 90 days of a rating agency event at $25.50 or upon a regulatory capital event at par. On or after March 15, 2026, redeemable at par
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| Trade date: | Jan. 5
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| Settlement date: | Jan. 8
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Distribution: | SEC registered
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| Expected listing: | NYSE: EQHPrC
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