By Cristal Cody
Tupelo, Miss., April 2 – AXA Equitable Holdings, Inc. affiliates priced $1 billion of pre-capitalized trust securities (Baa2/BBB+) in two tranches in a Rule 144A transaction on Tuesday, according to a market source.
Pine Street Trust I sold $600 million of 4.572% notes due Feb. 15, 2029 at a spread of 210 basis points over Treasuries, tighter than initial talk in the 220 bps area.
Pine Street Trust II priced $400 million of 5.568% securities due Feb. 15, 2049 on top of guidance at a Treasuries plus 270 bps spread.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC were the bookrunners.
AXA Equitable Holdings is a New York-based insurance holding company and subsidiary of Paris-based AXA SA.
| Issuers: | Pine Street Trust I/Pine Street Trust II
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| Amount: | $1 billion
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| Description: | Pre-capitalized trust securities
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| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC
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| Trade date: | April 2
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| Ratings: | Moody’s: Baa2
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| S&P: BBB+
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| Distribution: | Rule 144A
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| Marketing: | Fixed income investor calls
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| Ten-year notes
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| Issuer: | Pine Street Trust I
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| Amount: | $600 million
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| Maturity: | Feb. 15, 2029
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| Coupon: | 4.572%
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| Spread: | Treasuries plus 210 bps
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| Price guidance: | Treasuries plus 220 bps area
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| Thirty-year notes
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| Issuer: | Pine Street Trust II
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| Amount: | $400 million
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| Maturity: | Feb. 15, 2049
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| Coupon: | 5.568%
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| Spread: | Treasuries plus 270 bps
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| Price guidance: | Treasuries plus 270 bps area
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