Summary
MetLife, Inc. filed an 8-K on September 5, 2013, reporting on a pricing agreement related to the remarketing of its Series D Debentures. This agreement, entered into on September 3, 2013, outlines the terms for remarketing approximately $999.9 million of these debentures, which are part of the Company's Common Equity Units. The remarketing is a follow-up to a previous agreement dated July 30, 2013, and is expected to settle around September 10, 2013. An important detail for investors is the adjustment to the stated maturity of the Series D Debentures. Originally due in June 2024, the maturity will be advanced to September 15, 2023, effective September 11, 2013, following the settlement of the remarketing. Holders of units comprising $114,000 in principal amount elected cash settlement and will not participate in this remarketing.
Key Highlights
- 1MetLife entered into a pricing agreement on September 3, 2013, for the remarketing of Series D Debentures.
- 2The remarketing involves approximately $999.9 million of Series D Debentures, which are part of MetLife's Common Equity Units.
- 3The settlement of the remarketing is anticipated around September 10, 2013.
- 4The stated maturity of the Series D Debentures will be adjusted from June 15, 2024, to September 15, 2023.
- 5This maturity adjustment will be effective September 11, 2013.
- 6A portion of the debentures, $114,000 in principal amount, elected cash settlement and will not be part of the remarketing.
- 7The Series D Debentures were originally issued in November 2010.