Summary
This 8-K filing by MetLife Inc. (MET) on February 9, 2009, primarily concerns a material modification to the rights of security holders related to its 4.91% Junior Subordinated Debt Securities, Series B, due 2040 (Series B Debentures). These debentures were originally issued in connection with MetLife's 2005 issuance of 6.375% Common Equity Units. The company dissolved Trust III on February 5, 2009, leading to the Series B Debentures being directly held by holders of the Common Equity Units. This action required amendments to the indenture to allow for a remarketing of these debentures.
Key Highlights
- 1MetLife Inc. executed a Seventh Supplemental Indenture on February 6, 2009, modifying terms of its 4.91% Junior Subordinated Debt Securities, Series B, due 2040.
- 2The company dissolved Trust III on February 5, 2009, as permitted by its Declaration of Trust.
- 3This dissolution means holders of MetLife's 6.375% Common Equity Units now directly hold the Series B Debentures.
- 4Amendments to the indenture were necessary to facilitate a remarketing of the Series B Debentures.
- 5The Seventh Supplemental Indenture allows for the remarketing of the Series B Debentures in multiple tranches with varying maturities and interest rates.
- 6The interest rate reset cap set forth in the Declaration of Trust will not apply to the Series B Debentures being remarketed around February 11, 2009.
- 7New redemption provisions for the Series B Debentures are included, and the default period for interest payment has been shortened.