Equitable Holdings Announces Pricing Terms of Cash Tender Offer for Certain of its Debt Securities
The applicable total consideration to be paid in the Tender Offer for each Series of Notes expected to be accepted for purchase was determined by reference to a fixed spread specified for such Series of Notes over the yield (the “Reference Yield”) based on the bid-side price of the applicable
In addition, all payments for Notes tendered before
The following table sets forth the aggregate principal amounts of each Series of Notes that the Company expects to be accepted for purchase and pricing information for the Tender Offer:
Title of
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CUSIP /
|
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Aggregate
|
|
Acceptance
|
|
Reference
|
Reference
|
Fixed
(1) |
Aggregate
|
|
|
Aggregate
|
Expected
|
Total Tender
|
|
4.572% Senior Notes due
|
|
054561AN5/
|
|
|
|
1 |
|
4.500% |
|
4.296% |
75 |
|
|
|
|
74.3% |
|
7.000% Senior
|
|
29444GAJ6/
|
|
|
|
2 |
|
4.500% |
|
4.296% |
70 |
|
|
|
|
100.0% |
|
5.000% Senior Notes due
|
|
054561AM7/
U0507EAD6/
054561AK1/
|
|
|
|
3 |
|
4.250% |
|
4.431% |
110 |
|
|
|
|
32.1% |
|
(1) |
Includes the Early Tender Premium of |
|
|
||
(2) |
The expected proration factor has been rounded to the nearest tenth of a percentage point for presentation purposes. |
|
|
||
(3) |
Payable for each |
As previously announced, because the total aggregate principal amount of the Notes validly tendered prior to the Early Tender Deadline exceeded
The withdrawal rights for the Tender Offer expired at
Notes that have been validly tendered and not validly withdrawn before the Early Tender Deadline and are accepted in the Tender Offer will be purchased, retired and cancelled by the Company on the Early Settlement Date.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Tender Offer is made only by the Offer to
About
Reference to the 1859 founding applies specifically and exclusively to
Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of geopolitical conflicts and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.
Forward-looking statements, including any financial guidance, should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the
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Investor Relations
(212) 314-2476
IR@equitable.com
Media Relations
(212) 314-2010
mediarelations@equitable.com
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