Summary
MetLife Inc. (MET) filed an 8-K on December 14, 2006, to announce the commencement of an offering for its Junior Subordinated Debentures due 2066. This offering is being conducted under a Registration Statement on Form S-3 and its terms, aside from pricing, are detailed in a preliminary prospectus supplement filed concurrently. While the company has initiated this offering, it cautions that there is no certainty regarding its completion or timing.
Key Highlights
- 1Commencement of an offering for Junior Subordinated Debentures due 2066.
- 2The debentures are being offered under MetLife's existing Registration Statement on Form S-3.
- 3Detailed terms of the offering (excluding pricing) are available in a preliminary prospectus supplement filed on the same date.
- 4The filing includes Exhibit 12.1, a statement regarding the computation of the ratio of earnings to fixed charges, relevant to the debenture offering.
- 5MetLife explicitly states there is no assurance of the offering's completion or timing.
Frequently Asked Questions
The primary purpose of this 8-K filing is to publicly announce MetLife Inc.'s commencement of an offering for its Junior Subordinated Debentures due 2066.
Detailed terms of the offering, excluding specific pricing information, are available in MetLife's preliminary prospectus supplement, dated December 14, 2006, which was filed with the SEC concurrently with this 8-K.
No, MetLife explicitly states in the filing that there can be no assurance whether or when this offering will be completed. Investors should be aware of this uncertainty.
The term 'Junior Subordinated' indicates that these debentures are subordinate in right of payment to all of MetLife's other existing and future senior indebtedness. This means that in the event of bankruptcy or liquidation, holders of these debentures would be paid only after senior debt holders have been satisfied.