Summary
This 8-K filing from MetLife Inc. (MET) on August 1, 2013, primarily details a remarketing agreement entered into on July 30, 2013, concerning its Series D Senior Debentures due 2024. This agreement involves Deutsche Bank Securities Inc. as the Remarketing Agent and Deutsche Bank Trust Company Americas in other capacities. The remarketing is intended to reset the interest rate on these debentures and adjust their maturity date. For investors holding the associated Common Equity Units, this event is significant as it pertains to the underlying debt securities that form a component of their investment. The success of the remarketing, expected between August 28 and September 10, 2013, will result in a new interest rate and a shifted maturity date for the Series D Debt Securities to September 15, 2023. The agreement mandates that the remarketing agents use commercially reasonable efforts to secure a price that yields at least 100% of the aggregate principal amount, plus a small premium.
Key Highlights
- 1MetLife entered into a remarketing agreement on July 30, 2013, for its Series D Senior Debentures due 2024.
- 2Deutsche Bank Securities Inc. is appointed as the Remarketing Agent.
- 3The remarketing aims to reset the interest rate on the Series D Debt Securities.
- 4The stated maturity of the Series D Debt Securities will be adjusted to September 15, 2023, effective September 11, 2013.
- 5The remarketing is anticipated to occur between August 28, 2013, and September 10, 2013.
- 6Remarketing agents are obligated to achieve a price yielding at least 100% of the aggregate principal amount of the Series D Debt Securities, plus a small premium.