8-KOther EventsExhibits & Filings

METLIFE INC 8-K Report, Corporate Update (Oct 1, 2014)

Filed October 1, 2014For Securities:METMET-PEMET-PFMET-PA

Summary

MetLife, Inc. (MET) filed an 8-K on October 1, 2014, to report on the remarketing of a portion of its Common Equity Units. Specifically, the company entered into a pricing agreement on September 30, 2014, to remarket approximately $999.8 million in aggregate principal amount of debentures that form part of these units. This action was executed under a prior remarketing agreement from August 2014. Investors holding these debentures had the option for cash settlement, and those who did not elect this option are part of the remarketing process. The remarketing is set to settle around October 7, 2014. Following the settlement, these debentures will be officially designated as MetLife's 1.903% Series E Senior Component Debentures, Tranche 1, due December 15, 2017, and 4.721% Series E Senior Component Debentures, Tranche 2, due December 15, 2044. These debentures were originally part of a $1.0 billion issuance in November 2010 with an original maturity in 2045. This filing provides details on the pricing and terms of the remarketed debentures, which were offered under a shelf registration statement.

Key Highlights

  • 1MetLife entered into a pricing agreement on September 30, 2014, to remarket approximately $999.8 million of debentures related to its Common Equity Units.
  • 2The remarketing is a component of a broader strategy related to the company's Common Equity Units, initiated by a Remarketing Agreement dated August 26, 2014.
  • 3Holders of the affected debentures had the option for cash settlement; those not opting for cash are part of the remarketing.
  • 4The settlement of the remarketing is expected around October 7, 2014.
  • 5The remarketed debentures will be renamed as 1.903% Series E Senior Component Debentures, Tranche 1 (due 2017) and 4.721% Series E Senior Component Debentures, Tranche 2 (due 2044).
  • 6These Series E Debentures were originally issued in November 2010 as part of a $1.0 billion senior debenture issuance.
  • 7The remarketing transaction was conducted under a shelf registration statement filed in November 2013.

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