Equitable upsizes tender offer to $569M, issues $600M P-Caps

Equitable Holdings, Inc.

Tender offer max purchase price increased to $569M from $500M; $1.076B total tendered across three debt series.
Issued $600M of 4.572% P-Caps maturing May 2054 on June 11 to partially fund tender.
Combined after-tax impact ~$10M in Q2 2024; ongoing annual impact <$1M.
Early settlement expected June 20, 2024; final expiration July 2, 2024.
Will retire $569M of debt, including $275M of 4.572% notes due 2029, $99M of 7% debentures due 2028, and $195M of 5% notes due 2048.

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