Equitable Holdings, Inc. (NYSE: EQH) has announced the early results of its cash tender offer to purchase outstanding debt securities. According to information provided by D.F. King & Co., a total of $1,068,736,000 in aggregate principal amount of the notes were validly tendered and not validly withdrawn as of the early tender deadline.
The company also announced an increase in the series cap for acceptance priority level 1, allowing for the acceptance of up to $500,000,000 aggregate principal amount of the notes in acceptance priority 1 that were validly tendered and not validly withdrawn.
Here are the specific changes in aggregate principal amounts for each series of notes that were validly tendered and not validly withdrawn as of the early tender deadline:
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For the 4.350% senior notes due 2028, the aggregate principal amount outstanding prior to the tender offer was $1,500,000,000, with $752,236,000 tendered and $500,000,000 expected to be accepted for purchase, resulting in an expected proration factor of 66.5%.
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The 7.000% senior debentures due 2028 had an aggregate principal amount outstanding prior to the tender offer of $250,711,000, with $52,940,000 tendered. However, no amount is expected to be accepted for purchase.
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Similarly, the 5.000% senior notes due 2048 had an aggregate principal amount outstanding prior to the tender offer of $1,305,000,000, with $263,560,000 tendered, and no amount expected to be accepted for purchase.
As a result of the total aggregate principal amount of the notes validly tendered and not validly withdrawn exceeding the $500,000,000 cap, the company does not expect to accept any additional notes that are tendered after the early tender deadline.
The early settlement date for purchased notes is currently expected to be September 11, 2025. Additionally, all payments for notes purchased in connection with the early tender deadline will include accrued and unpaid interest on the principal amount of notes tendered and accepted for purchase from the last interest payment date applicable to the relevant series of notes up to, but not including, the early settlement date.
Goldman Sachs & Co. LLC and Wells Fargo Securities, LLC are serving as dealer managers for the tender offer, while D.F. King & Co. is the tender and information agent.
Equitable Holdings, Inc. is a leading financial services holding company with more than $1 trillion in assets under management and administration as of June 30, 2025, and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families, and small businesses.
For further details, individuals are directed to contact Erik Bass for investor relations at (212) 314-2476 or [email protected], and Laura Yagerman for media relations at (212) 314-2010 or [email protected]. Following these announcements, the company's shares moved 0.34%, and are now trading at a price of $52.87. For the full picture, make sure to review Equitable's 8-K report.
