Summary
MetLife, Inc. (MET) has filed an 8-K report on August 30, 2012, detailing a significant event related to its Series C Senior Debentures. On August 27, 2012, the company entered into a remarketing agreement with Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas to remarket its Series C Senior Component Debentures, Tranche 1 (due 2018) and Tranche 2 (due 2023). This event is a consequence of the upcoming automatic conversion of the original Series C Debt Securities into these two tranches on September 15, 2012. Following a successful remarketing, the interest rates on these debentures will be reset, and their maturities will be adjusted to December 15, 2017, for Tranche 1 and December 15, 2022, for Tranche 2. The remarketing is scheduled to occur between September 26 and October 9, 2012, with the goal of obtaining proceeds at least equal to 100% of the aggregate principal amount plus accrued interest.
Key Highlights
- 1MetLife entered into a remarketing agreement on August 27, 2012, with Deutsche Bank for its Series C Senior Component Debentures.
- 2The remarketing pertains to Tranche 1 (due 2018) and Tranche 2 (due 2023) of the Series C Senior Component Debentures.
- 3These debentures are a result of the automatic conversion of the original Series C Debt Securities on September 15, 2012.
- 4A successful remarketing will lead to a reset of interest rates on these debentures.
- 5The stated maturity dates will be adjusted to December 15, 2017 (Tranche 1) and December 15, 2022 (Tranche 2), effective October 10, 2012.
- 6The remarketing period is expected to run from September 26, 2012, to October 9, 2012.
- 7The objective is to remarket the securities at a price yielding proceeds equal to at least 100% of the principal amount plus accrued interest.