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THE EQUITABLE SECURES NEW $550 MILLION CREDIT FACILITY

 THE EQUITABLE SECURES NEW $550 MILLION CREDIT FACILITY
 NEW YORK, Aug. 20 /PRNewswire/ -- The Equitable Life Assurance


Society of the U.S. announced today that it has received commitments totaling $550 million from banks for a new back-up credit facility.
 "We are very pleased with the level of interest, particularly in light of the current difficult business environment," said Richard H. Jenrette, chairman and chief executive officer of Equitable Life and its parent, Equitable Companies Incorporated (NYSE: EQ). Included in the 13-member syndicate, led by The Chase Manhattan Bank N.A., are domestic, European and Japanese relationship banks.
 "The new $550 million back-up credit line, together with the $1.45 billion of new capital available as a result of the company's demutualization and initial public offering (IPO), places The Equitable in a strong financial position," said Jenrette. "The previous $1.16 billion back-up credit facility, which the new line replaces, was never used and was intended primarily to support commercial paper sales. We have no commercial paper outstanding and no plans to borrow against the new line."
 Jenrette said, "Including the company's recent $450 million IPO, together with the conversion of $1 billion of notes previously issued to AXA, the Equitable Companies now has a capital base of approximately $2.6 billion. As a result of the success of its capital raising initiatives, Equitable's credit ratings were recently upgraded to A+ by both Standard & Poor's and Duff & Phelps."
 The new back-up facility, which is being established for general corporate purposes, has a duration of 364 days and is expected to be finalized in early September following complete documentation.
 The Equitable is among the nation's largest life insurers and one of the world's premier asset managers with nearly $150 billion in assets under management.
 -0- 8/20/92
 /CONTACT: Terrance Little, 212-554-8929, or Greg Wilcox (investor), 212-554-2595, both of Equitable/ CO: The Equitable Life Assurance Society of the U.S. ST: New York IN: INS SU:


SH -- NY070 -- 1835 08/20/92 15:52 EDT
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Date:Aug 20, 1992
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