Summary
MetLife, Inc. has filed an 8-K report detailing a remarketing agreement entered into on July 11, 2008, concerning its 4.82% Junior Subordinated Debt Securities, Series A. This agreement, made with Banc of America Securities LLC as the Remarketing Agent, outlines the process for remarketing these debt securities. The remarketing is scheduled for August 12, 2008, and aims to achieve proceeds at least equal to the aggregate principal amount plus accrued interest, net of fees. These Series A Debt Securities were originally issued in June 2005 as part of MetLife's Common Equity Units offering. The structure involved a trust (MetLife Capital Trust II) which will distribute the debt securities to holders of Series A Trust Preferred Securities prior to the remarketing date. Investors should note that this event pertains to specific debt securities and is part of a pre-existing capital structure arrangement.
Key Highlights
- 1MetLife entered into a remarketing agreement for its 4.82% Junior Subordinated Debt Securities, Series A, on July 11, 2008.
- 2Banc of America Securities LLC is appointed as the Remarketing Agent.
- 3The remarketing is scheduled to take place on August 12, 2008.
- 4The agreement mandates the Remarketing Agent to use commercially reasonable efforts to remarket the debt securities at a price that yields at least 100% of the principal amount plus accrued interest, net of fees.
- 5The Series A Debt Securities were originally issued in June 2005 in connection with the Company's Common Equity Units offering.
- 6The debt securities will be distributed from MetLife Capital Trust II to holders of Series A Trust Preferred Securities before the remarketing date.