8-KShareholder MattersOther EventsExhibits & Filings

METLIFE INC 8-K Report, Rights Modification (Oct 7, 2014)

Filed October 7, 2014For Securities:METMET-PEMET-PFMET-PA

Summary

MetLife Inc. (MET) filed an 8-K on October 7, 2014, to report on the remarketing of its Series E Senior Component Debentures. The company successfully remarketed approximately $1 billion in aggregate principal amount of these debentures, split into two tranches: Tranche 1 with a 1.903% interest rate and Tranche 2 with a 4.721% interest rate. This event modifies the maturity dates for these debentures, with Tranche 1 now maturing on December 15, 2017, and Tranche 2 on December 15, 2044. These debentures were originally part of common equity units issued in November 2010. This remarketing is a key event for investors holding these specific debentures or related equity units, as it clarifies their future maturity and interest payment structure. The company also settled some Series E Debentures for cash with holders of common equity units who elected that option. The filing includes exhibits such as the forms of security certificates and a legal opinion from Willkie Farr & Gallagher LLP confirming the validity of the remarketed debentures, providing assurance on the transaction's legal standing.

Key Highlights

  • 1MetLife successfully remarketed $499,924,000 of 1.903% Series E Senior Component Debentures (Tranche 1).
  • 2MetLife successfully remarketed $499,924,000 of 4.721% Series E Senior Component Debentures (Tranche 2).
  • 3The stated maturity for Tranche 1 Debentures is now December 15, 2017.
  • 4The stated maturity for Tranche 2 Debentures is now December 15, 2044.
  • 5The remarketed debentures were originally part of MetLife's common equity units issued in November 2010.
  • 6Approximately $152,000 in Series E Debentures were settled in cash for holders of common equity units who elected that option.
  • 7The filing includes legal opinion from Willkie Farr & Gallagher LLP confirming the validity of the remarketed debentures.

Frequently Asked Questions

The primary purpose of this 8-K filing was to report the completion of the remarketing of MetLife's Series E Senior Component Debentures and to disclose the resulting modifications to the maturity dates of these debentures.

Effective October 8, 2014, the Tranche 1 Debentures have a stated maturity of December 15, 2017, and the Tranche 2 Debentures have a stated maturity of December 15, 2044.

No, these Series E Debentures are not new issuances. They were remarketed. They were originally issued in November 2010 as part of MetLife's common equity units and have had their terms modified through this remarketing process.

The filing includes an opinion letter from Willkie Farr & Gallagher LLP, a legal counsel, confirming the validity of the remarketed Series E Debentures, providing investors with legal assurance regarding the transaction.