Chicago, July 12 – Equitable Holdings, Inc. subsidiary Equitable Financial Life Global Funding sold a $500 million offering of five-year funding agreement-backed notes with a 1.3% coupon, according to a market source.
The notes priced on July 7 with a Treasuries plus 55 basis points spread, low to initial price talk in the low 70 bps area.
About half of the allocations went to investors focused on environmental, social, and governance-related investments, according to a news release.
BofA Securities, Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will fund green and social projects aligned with the company’s sustainability priorities such as global stewardship, responsible investing and climate change strategy.
Equitable Holdings, formerly known as AXA Equitable Holdings, Inc., is a New York-based insurance holding company.
| Issuer: | Equitable Financial Life Global Funding
|
| Issue: | Funding-agreement backed notes
|
| Amount: | $500 million
|
| Maturity: | July 12, 2026
|
| Bookrunners: | BofA Securities, Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC
|
| Co-managers: | Bancroft Capital LLC and Blaylock Van, LLC
|
| Coupon: | 1.3%
|
| Spread: | Treasuries plus 55 bps
|
| Trade date: | July 7
|
| Settlement date: | July 12
|
| Price talk: | Treasuries plus low 70 bps area
|
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