Summary
MetLife, Inc. (MET) filed an 8-K on October 1, 2012, to report on a significant event related to its debt instruments. The company entered into a pricing agreement on September 27, 2012, for the remarketing of $1,000,000,000 aggregate principal amount of debentures. These debentures are a component of MetLife's Common Equity Units. This remarketing effectively re-denominated a portion of the company's outstanding Series C Senior Debentures. Specifically, the debentures will now be known as 1.756% Series C Senior Component Debentures, Tranche 1, with a stated maturity of December 15, 2017, and 3.048% Series C Senior Component Debentures, Tranche 2, with a stated maturity of December 15, 2022. The original Series C Senior Debentures were issued in November 2010 with a maturity of 2023. This event, expected to settle on October 4, 2012, impacts the terms and maturities of a substantial debt issuance and is conducted under MetLife's existing shelf registration statement.
Key Highlights
- 1MetLife entered into a pricing agreement for the remarketing of $1 billion in debentures on September 27, 2012.
- 2The debentures are part of MetLife's Common Equity Units.
- 3The remarketing re-denominates the debt into two tranches: 1.756% Series C Senior Component Debentures, Tranche 1, and 3.048% Series C Senior Component Debentures, Tranche 2.
- 4The stated maturity for Tranche 1 Debentures is December 15, 2017, and for Tranche 2 Debentures is December 15, 2022.
- 5The original Series C Senior Debentures were issued in November 2010 with a maturity of 2023.
- 6The settlement of this remarketing is expected around October 4, 2012.
- 7The transaction was conducted pursuant to an existing shelf registration statement on Form S-3.