AXA Equitable Settles its Issuance and Sale of Depositary Shares in Deal Valued at $800 Million

December 10, 2019

Willkie represented AXA Equitable Holdings, Inc. in the transaction, which involves a $25,000 liquidation preference per share of Preferred Stock.

On November 27, Willkie client AXA Equitable Holdings, Inc. settled its issuance and sale of 29,000,000 Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A, $1.00 par value per share, with a liquidation preference of $25,000 per share of Preferred Stock. The joint book-runners on the offering were Morgan Stanley & Co. LLC, BofA Securities, Inc., Wells Fargo Securities, LLC and J.P. Morgan Securities LLC. Following the closing of the offering, the underwriters exercised their option to purchase an additional 3,000,000 Depositary Shares, which settled on December 6, and brought the total deal size to $800 million.

AXA Equitable is one of America’s leading financial services companies and has helped clients prepare for their financial future with confidence since 1859. Its approximately 12,200 employees and advisors are entrusted with more than $701 billion of assets under management through two complementary and well-established principal franchises, AXA Equitable Life and AllianceBernstein.

The deal was handled by partners John Schwolsky and Benjamin Nixon, associates Anne Barrett and Marisa Weisbaum, and law clerk Theodore Witt. Counsel Catherine Harrington provided tax advice.