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.