AXA S.A. announces the launch of an offering of approximately USD 750 million of bonds mandatorily exchangeable into shares of AXA Equitable Holdings, Inc.

AXA S.A. (“AXA”) announces today the launch of an offering of approximately USD 750 million aggregate amount of bonds* (the “Mandatory Exchangeable Bonds”), mandatorily exchangeable for a number of shares of common stock of AXA Equitable Holdings, Inc., which AXA intends to list on the New York Stock Exchange in 1H 2018, subject to market conditions. The Mandatory Exchangeable Bonds will have a notional amount of USD 1,000 per bond.

Each Mandatory Exchangeable Bond will be exchanged by AXA into a variable number of shares of common stock of AXA Equitable Holdings, Inc. at maturity, expected to be on or about May 15, 2021 unless exchanged earlier at the option of AXA or upon the occurrence of certain events. The exchange rate, interest rate and certain other terms of the Mandatory Exchangeable Bonds will be determined at the time of pricing of the offering.

*Or up to USD 862.5 million aggregate principal amount of bonds, in case of exercise of the over-allotment option