Business Context and Reporting Period
Company: AXA Equitable Holdings, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: November 27, 2019
Event: Closing of a public offering of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A.
Key Financial Metrics
This filing reports a capital raise event rather than operational financial performance. Specific metrics include:
- Shares Issued: 29,000,000 Depositary Shares.
- Underlying Security: Fixed Rate Noncumulative Perpetual Preferred Stock, Series A.
- Par Value: $1.00 per share.
- Liquidation Preference: $25,000 per share.
- Depositary Interest: Each Depositary Share represents a 1/1,000th interest in a share of Preferred Stock.
Note: The filing text does not provide clear values for revenue, profit, cash flow, operating margins, total debt, or liquidity ratios.
Material Changes
The primary material change is the expansion of the company's capital structure through the issuance of perpetual preferred stock. This transaction was registered under the Company's Form S-3 (File No. 333-234788) and closed on November 27, 2019.
Guidance, Outlook, and Risks
Management Commentary: The filing confirms the successful closing of the offering and the execution of the Deposit Agreement with Computershare Inc. and Computershare Trust Company, N.A.
Risks and Contingencies: The filing does not explicitly detail new risks or contingencies beyond the standard terms of the preferred stock issuance. The stock is noncumulative and perpetual, which implies specific dividend and liquidation characteristics inherent to the security type.
Investor Verification Checklist
- Verify the specific dividend rate and payment schedule for the Series A Preferred Stock in the accompanying prospectus supplement dated November 20, 2019.
- Confirm the total gross proceeds raised from the sale of 29,000,000 Depositary Shares.
- Review the Deposit Agreement (Exhibit 4.1) for redemption rights and conversion features.
- Assess the impact of this perpetual preferred stock issuance on the company's overall leverage and capital adequacy ratios.