Summary
MetLife, Inc. announced on March 26, 2009, the issuance of $397.4 million in Floating Rate Senior Notes due 2012. These notes carry a variable interest rate tied to three-month LIBOR plus a spread of 32 basis points, with interest paid quarterly. Notably, the issuance is guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program, providing an additional layer of security for investors. The proceeds from this debt issuance are intended for general corporate purposes. The transaction was structured under an exemption from registration requirements and involved significant financial institutions as purchasers. This move indicates MetLife's strategy to bolster its liquidity and maintain financial flexibility during a period of economic uncertainty.
Key Highlights
- 1Issuance of $397,436,000 in Floating Rate Senior Notes due 2012.
- 2Notes bear interest at three-month LIBOR plus 32 basis points, resetting quarterly.
- 3Maturity date for the notes is June 29, 2012.
- 4The notes are guaranteed by the FDIC under its Temporary Liquidity Guarantee Program.
- 5Proceeds are designated for general corporate purposes.
- 6The transaction was exempt from registration under the Securities Act of 1933.
- 7Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. acted as representatives for the purchasers.