Summary
MetLife, Inc. (MET) filed an 8-K on August 15, 2008, reporting the successful conclusion of a remarketing of debt securities related to its 6.375% Common Equity Units. This event, which concluded on August 15, 2008, involved the remarketing of approximately $1.03 billion aggregate principal amount of debt securities. These securities have now been redenominated as MetLife's 6.817% Senior Debt Securities, Series A, Due 2018. The remarketing was conducted pursuant to a Pricing Agreement dated August 12, 2008, which was entered into under a prior Remarketing Agreement from July 2008. This action is significant for investors as it demonstrates MetLife's ability to manage its outstanding debt obligations and capital structure, particularly in the uncertain financial environment of August 2008. The new Series A Debentures are governed by specific indentures and were issued under a prospectus supplement.
Key Highlights
- 1Successful remarketing of approximately $1.03 billion of debt securities concluded on August 15, 2008.
- 2The remarketed debt securities are now designated as MetLife's 6.817% Senior Debt Securities, Series A, Due 2018.
- 3The event is related to MetLife's 6.375% Common Equity Units.
- 4A Pricing Agreement was executed on August 12, 2008, with Banc of America Securities LLC, Barclays Capital Inc., and other institutions acting as Remarketing Agents.
- 5The remarketing process was governed by a prior Remarketing Agreement dated July 11, 2008.
- 6The Series A Debentures were issued pursuant to established Indentures and supplemented by a Sixth Supplemental Indenture dated August 7, 2008.
- 7Details of the remarketing terms are available in a Prospectus Supplement filed with the SEC on August 14, 2008.