Equitable Holdings launches $1.8B tender offer for 46M AB Holding units at $38.50/unit

Equitable Holdings, Inc.

$500M senior unsecured delayed-draw term loan entered to fund tender; repayment expected from RGA reinsurance proceeds in mid-2025.
Tender for up to 46M units (41.7% of outstanding AB Holding) at $38.50/unit, a 7.8% premium over Feb 21 closing price.
Equitable currently holds ~61.9% economic interest in AB; after max purchase, interest would rise to ~77.5%.
Offer not conditioned on financing or minimum tendered; expires March 24, 2025 unless extended.
Equitable does not own any AB Holding units directly; tender provides liquidity and increased ownership stake.

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