Published on 1/4/2023 in the Prospect News Investment Grade Daily.
New Issue: Equitable sells $500 million 5.594% 10-year notes at 190 bps spread
By Wendy Van Sickle
Columbus, Ohio, Jan. 4 – Equitable Holdings, Inc. sold $500 million of 5.594% 10-year senior notes (Baa1/BBB+) at par on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a spread of 190 basis points over Treasuries.
BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners.
Proceeds will be used for general corporate purposes, which may include additions to working capital, refinancing or paying down existing debt, capital expenditures and possible acquisitions.
Equitable Holdings is a New York-based financial services company that offers individual retirement products, group retirement products, investment management and research and life insurance products for small and medium-sized businesses.
| Issuer: | Equitable Holdings, Inc.
|
| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | Jan. 11, 2033
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| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
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| Co-managers: | Barclays, BofA Securities, Inc., Commerz Markets LLC, Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, Natixis Securities Americas LLC, PNC Capital Markets LLC, R. Seelaus & Co., LLC, SG Americas Securities, LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC
|
| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Willkie Farr & Gallagher LLP
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| Counsel to underwriters: | Sullivan & Cromwell LLP
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| Coupon: | 5.594%
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| Price: | Par
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| Yield: | 5.594%
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| Spread: | Treasuries plus 190 bps
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| Call option: | Make-whole call at Treasuries plus 30 bps until Oct. 11, 2032, then a par call
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| Trade date: | Jan. 4
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| Settlement date: | Jan. 11
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| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
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| Distribution: | SEC registered
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| Cusip: | 29452EAC5
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