8-KOther EventsExhibits & Filings

METLIFE INC 8-K Report, Corporate Update (Oct 1, 2012)

Filed October 1, 2012For Securities:METMET-PEMET-PFMET-PA

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.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report MetLife's entry into a pricing agreement for the remarketing of $1 billion in debentures, which are a component of its Common Equity Units. This event changes the terms and maturities of a portion of its Series C Senior Debentures.

The remarketed debentures will 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.

This remarketing effectively re-denominated a portion of the original Series C Senior Debentures, which were due in 2023. The new tranches have different interest rates and earlier maturity dates (2017 and 2022) compared to the original 2023 maturity.

The remarketing agents include Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and other institutions named in the pricing agreement.