Equitable Holdings Files 8-K on New Financial Obligation

TL;DR

EQH filed an 8-K for a new debt obligation. Details TBD.

AI Summary

On June 11, 2024, Equitable Holdings, Inc. filed an 8-K report detailing the creation of a direct financial obligation. The filing indicates the company entered into a new financial arrangement, though specific details regarding the nature or amount of the obligation were not immediately available in this summary.

Why It Matters

This filing signals a new financial commitment for Equitable Holdings, which could impact its balance sheet and future financial flexibility.

Risk Assessment

Risk Level: medium — The creation of a new financial obligation can introduce financial risk if not managed effectively, but the specific nature and size of the obligation are not detailed here.

Key Players & Entities

• Equitable Holdings, Inc. (company) — Registrant
• June 11, 2024 (date) — Date of Report
• Delaware (jurisdiction) — State of Incorporation
• AXA Equitable Holdings, Inc. (company) — Former Company Name
• AXA AMERICA HOLDINGS, INC. (company) — Former Company Name

FAQ

Key Financial Figures

• $1,000,000,000 — (the "Company"), raised an aggregate of $1,000,000,000 of contingent liquidity via the issuanc
• $600,000,000 — of (i) an aggregate principal amount of $600,000,000 of the 4.572% pre-capitalized trust sec
• $400,000,000 — d (ii) an aggregate principal amount of $400,000,000 of the 5.568% pre-capitalized trust sec
• $3 b — attributable thereto, has fallen below $3 billion, which amount may be adjusted fro

Filing Documents

• d797169d8k.htm (8-K) — 38KB
• g797169g0612000639054.jpg (GRAPHIC) — 4KB
• 0001193125-24-159243.txt ( ) — 208KB
• eqh-20240611.xsd (EX-101.SCH) — 4KB
• eqh-20240611_def.xml (EX-101.DEF) — 13KB
• eqh-20240611_lab.xml (EX-101.LAB) — 22KB
• eqh-20240611_pre.xml (EX-101.PRE) — 14KB
• d797169d8k_htm.xml (XML) — 7KB

From the Filing

8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 11, 2024 Equitable Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 001-38469 90-0226248 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.) 1345 Avenue of the Americas , New York , New York 10105 (Address of principal executive offices) (Zip Code) (212) 554-1234 (Registrant's telephone number, including area code) Not Applicable (Former name or address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of Exchange on which registered Common Stock EQH New York Stock Exchange Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A EQH PR A New York Stock Exchange Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C EQH PR C New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. Pine Street Trust I On April 5, 2019, Equitable Holdings, Inc. (the "Company"), raised an aggregate of $1,000,000,000 of contingent liquidity via the issuance of (i) an aggregate principal amount of $600,000,000 of the 4.572% pre-capitalized trust securities redeemable February 15, 2029 (the "2029 P-Caps") by Pine Street Trust I, a Delaware statutory trust ("Trust I") and (ii) an aggregate principal amount of $400,000,000 of the 5.568% pre-capitalized trust securities due February 15, 2049 by Pine Street Trust II, a Delaware statutory trust. In connection therewith, the Company entered into that certain Facility Agreement, dated April 5, 2019 (the "Trust I Facility Agreement"), with Trust I and The Bank of New York Mellon, the trustee, which provided the Company with the right to require Trust I to purchase for the Company's 4.572% Senior Notes due 2029 (the "2029 Notes") in exchange for the portfolio of principal and interest strips of U.S. Treasury securities held by Trust I (the "Trust I Eligible Assets"). Following the Company's exercise of its issuance right under the Trust I Facility Agreement, the Company: (i) issued $600,000,000 principal amount of the 2029 Notes to Trust I on June 6, 2024 in exchange for the Trust I Eligible Assets; (ii) waived its right to repurchase the 2029 Notes; and (iii) directed the trustee of Trust I to dissolve Trust I in accordance with its declaration of trust and deliver the 2029 Notes to the beneficial holders of the 2029 P-Caps pro rata in respect of each 2029 P-Cap. Trust I was dissolved on June 11, 2024 and the beneficial holders of the 2029 P-Caps received the 2029 Notes through the facilities of The Depository Trust Company. The 2029 Notes, along with holders of the Company's 7.000% Senior Debentures due 2028 and 5.000% Senior Notes due 2048 (collectively, the "Tender Offer Notes"), are subject to a cash tender offer by the Company (the "Tender Offer"), the terms and conditions of which are described in the Offer to Purchase dated June 3, 2024 (as it may be amended or supplemented, the "Offer to Purchase"). This current report on Form 8-K is neither an offer to purchase nor a solicitation of an offer to sell the Tender Offer Notes. The Tender Offer is made only by the Offer to Purchase and the information in this current report on Form 8-K is qualified by reference to the Offer to Purchase. There is no separate letter of transmittal in connection with the Offer to Purchase. None of the Company, the Company's Board of Directors, the Lead Dealer Manager, t

View Full Filing

View this 8-K filing on SEC EDGAR