Equitable Holdings, Inc. (NYSE: EQH) recently announced the early results of its cash tender offer to purchase its outstanding debt securities. The company also increased the maximum aggregate purchase price from $500,000,000 to an amount sufficient to accept up to $569,289,000 aggregate principal amount of the notes.
According to the information provided by Global Bondholder Services Corporation, $1,076,477,000 in aggregate principal amount of the notes were validly tendered and not validly withdrawn as of the early tender deadline. The company does not expect to accept any additional notes that are tendered because the total aggregate principal amount of the notes validly tendered prior to the early tender deadline exceeds the amount to be accepted.
The aggregate principal amount of each series of notes that were validly tendered and not validly withdrawn as of the early tender deadline is as follows: 4.572% senior notes due 2029: $370,051,000 tendered, $275,000,000 expected to be accepted, with an expected proration factor of 74.3%. 7.000% senior debentures due 2028: $99,289,000 tendered, $99,289,000 expected to be accepted, with an expected proration factor of 100.0%. * 5.000% senior notes due 2048: $607,137,000 tendered, $195,000,000 expected to be accepted, with an expected proration factor of 32.1%.
The early settlement date is currently expected to be June 20, 2024. Holders of notes validly tendered and accepted for purchase will be eligible to receive the applicable total tender offer consideration, which includes an early tender premium of $30 per $1,000 principal amount of notes.
Equitable Holdings, Inc. is a leading financial services holding company with $974 billion in assets under management and administration as of March 31, 2024, and more than 5 million client relationships globally. The company comprises Equitable, AllianceBernstein, and Equitable Advisors, LLC, which collectively provide retirement and protection strategies, investment management services, and financial planning to individuals, families, and businesses.
For further information, investors can contact Erik Bass at (212) 314-2476, and for media inquiries, Sophia Kim at (212) 314-2010.
This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes and is made only by the offer to purchase. As a result of these announcements, the company's shares have moved 0.9% on the market, and are now trading at a price of $40.03. For the full picture, make sure to review Equitable's 8-K report.
