Summary
MetLife, Inc. has entered into a new Five-Year $3,000,000,000 Credit Agreement (the "2007 Credit Agreement"), significantly increasing its borrowing capacity from the previous $1,500,000,000 facilities. This new agreement, effective June 20, 2007, replaces two prior credit agreements and will be used for general corporate purposes and to support the company's commercial paper programs. The expanded credit facility offers greater financial flexibility and strategic options for MetLife, Inc. and its subsidiary MetLife Funding, Inc. The agreement includes provisions for potential extensions of the maturity date and an option to increase the facility size to $4,000,000,000 under certain conditions. The company has also adopted Amended and Restated By-Laws, which include changes related to the Lead Director's role and electronic delivery of stockholder meeting notices.
Key Highlights
- 1MetLife, Inc. entered into a new Five-Year $3,000,000,000 Credit Agreement on June 20, 2007.
- 2The new credit facility replaces two prior credit agreements totaling $1,500,000,000.
- 3Proceeds from the new agreement are for general corporate purposes and to support commercial paper programs.
- 4The agreement allows for potential one-year or two-year extensions of the maturity date.
- 5The credit facility can be increased to a maximum of $4,000,000,000, subject to certain conditions.
- 6The company's Amended and Restated By-Laws became effective on June 19, 2007, with updates to the Lead Director's role and stockholder meeting notice procedures.