Equitable Holdings completed an SEC-registered offering of $500 million of its 6.7% Fixed-to-Fixed Reset Rate Junior Subordinated Debt Securities due 2055. S&C represented the underwriters led by Citigroup Global Markets, Morgan Stanley, Truist Securities and Wells Fargo Securities.
Equitable Holdings provides portfolio construction, estate and retirement planning, asset allocation, insurance, brokerage and advisory accounts, financial planning, investment management and other investment services. Prior to its IPO in May 2018, on which S&C represented the underwriters, Equitable Holdings was a wholly owned subsidiary of AXA S.A., a provider of life, property and casualty and health insurance and asset management.
The S&C team advising the underwriters included Robert DeLaMater, Bradford Olson, Matthew Nisi and Cameron Steckbeck. Eric Wang, Saul Brander and Theodore Danielson advised on tax matters. Saul Brander advised on ERISA matters. Tracey Russell advised on FINRA matters.