Equitable Holdings, a leading U.S. insurance and financial services company, established a contingent liquidity facility through the issuance of pre-capitalized trust securities (P-Caps) by Pine Street Trust III (Trust III), a newly formed Delaware statutory trust. Trust III issued $600 million of P-Caps redeemable May 15, 2054 in a private offering pursuant to Rule 144A under the Securities Act and Section 3(c)(7) of the Investment Company Act to investors in the United States and certain non-U.S. jurisdictions. Trust III entered into a separate facility agreement with Equitable Holdings, giving Equitable Holdings or certain assignees of Equitable Holdings the right from time to time, and in certain circumstances the obligation, to require Trust III to purchase up to $600 million of a new series of unsecured 6.223% senior notes due 2054.
In connection with the offering of the 2054 P-Caps, on June 3, Equitable Holdings commenced a cash tender offer for up to $569,289,000 of certain of Equitable Holdings’ outstanding debt securities.
The S&C team representing the initial purchasers and the dealer managers in the transactions included Bob DeLaMater, Yev Markov, Joyce Lee and Matt Nisi, with David Hariton advising on tax matters; Saul Brander and Eli Dubin advising on ERISA matters; Tracey Russell advising on FINRA and Blue Sky matters; and Vanessa Blackmore and Kirsten Rodger advising on U.K./EEA matters.