8-KOther EventsExhibits & Filings

METLIFE INC 8-K Report, Corporate Update (Aug 28, 2014)

Filed August 28, 2014For Securities:METMET-PEMET-PFMET-PA

Summary

MetLife, Inc. (MET) filed an 8-K on August 28, 2014, to disclose a Remarketing Agreement entered into on August 26, 2014, with Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas. This agreement pertains to the remarketing of the Company's Series E Senior Component Debentures, Tranche 1 (due 2018) and Tranche 2 (due 2045). These debentures were originally part of the Company's Common Equity Units issued in November 2010. The filing details that on September 15, 2014, the Series E Debt Securities will automatically convert into these two tranches. Following a successful remarketing, expected between September 25 and October 7, 2014, the interest rates on each tranche will be reset. Additionally, the stated maturity of the First Tranche Series E Debt Securities will adjust to December 15, 2017, and the Second Tranche Series E Debt Securities will adjust to December 15, 2044. The remarketing aims to achieve proceeds at least equal to 100% of the aggregate principal amount plus accrued interest.

Key Highlights

  • 1MetLife entered into a Remarketing Agreement on August 26, 2014, concerning Series E Senior Component Debentures (Tranche 1 and Tranche 2).
  • 2These debentures are a component of MetLife's Common Equity Units originally issued in 2010.
  • 3Effective September 15, 2014, existing Series E Debt Securities will automatically convert into the two separate tranches.
  • 4A remarketing of these securities is planned between September 25 and October 7, 2014.
  • 5Successful remarketing will lead to reset interest rates for both tranches.
  • 6Maturity dates will be adjusted post-remarketing: Tranche 1 to December 15, 2017, and Tranche 2 to December 15, 2044.
  • 7The remarketing seeks to achieve proceeds at least equal to the aggregate principal amount plus accrued interest.

Frequently Asked Questions

This 8-K filing is to inform investors about MetLife's entry into a Remarketing Agreement for its Series E Senior Component Debentures. It details the terms and expected timeline for the remarketing process, which will affect the debentures' interest rates and maturity dates.

These debentures were originally part of MetLife's Common Equity Units, which combined debt securities and stock purchase contracts. The Series E Debt Securities are now being separated into two tranches (Tranche 1 and Tranche 2) that will be remarketed.

Following a successful remarketing, the interest rates on both the First Tranche (2018 maturity) and Second Tranche (2045 maturity) Series E Debt Securities will be reset. Additionally, the maturity dates will be adjusted to December 15, 2017, for the First Tranche and December 15, 2044, for the Second Tranche.

The remarketing is expected to take place between September 25, 2014, and October 7, 2014. The primary goal is for the remarketing agents to obtain proceeds for the securities that are at least 100% of their aggregate principal amount, plus any accrued and unpaid interest.