Equitable Holdings issues $600M of 2054 P-Caps via Pine Street Trust III, dissolves Trust I

Equitable Holdings, Inc.

Issued $600M of 6.223% Senior Notes due 2054 contingency via Trust III P-Caps (2054 P-Caps).
Trust I dissolved after exchanging $600M of 2029 Notes for Treasury strips; holders received notes.
Trust III P-Caps provide right to issue up to $600M senior notes at company's option over 30 years.
Facility fee of 1.779% per annum on unexercised portion; automatic exercise triggers include net worth below $3B.
Company also conducting a cash tender offer for its 2028 and 2048 senior notes (separate transaction).

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