8-KMaterial AgreementsExhibits & Filings

METLIFE INC 8-K Report, Material Agreement (Nov 24, 2015)

Filed November 24, 2015For Securities:METMET-PEMET-PFMET-PA

Summary

MetLife, Inc. filed an 8-K on November 24, 2015, to report a material definitive agreement. Specifically, the company and its wholly-owned subsidiary, MetLife Funding, Inc., entered into the First Amendment to their $4 billion Five-Year Credit Agreement, originally dated May 30, 2014. The primary focus of this amendment is the modification of the "Change in Control" definition within the credit agreement. This change is significant for investors as it alters the conditions under which lenders can terminate commitments, demand loan prepayments, or require collateralization of outstanding letters of credit. The amendment removes a specific trigger related to the composition of MetLife's Board of Directors, potentially providing the company with more flexibility regarding its governance structure without immediately triggering default provisions in its credit facility.

Key Highlights

  • 1MetLife, Inc. amended its $4 billion Five-Year Credit Agreement.
  • 2The amendment was entered into on November 20, 2015.
  • 3The primary change relates to the definition of "Change in Control" in the credit agreement.
  • 4A specific clause related to the composition of the Board of Directors being a "Change in Control" trigger has been removed.
  • 5This modification may offer MetLife greater flexibility in corporate governance matters without immediate implications for its credit facility.
  • 6The amendment does not affect other aspects of the credit agreement, such as the principal amount or maturity.
  • 7The agreement involves various financial institutions including Bank of America, N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, National Association.

Frequently Asked Questions

The main purpose of this 8-K filing is to report MetLife, Inc.'s entry into a material definitive agreement, specifically the First Amendment to its $4 billion Five-Year Credit Agreement.

The amendment primarily alters the definition of 'Change in Control.' By removing a specific condition related to board composition, it potentially reduces the circumstances under which lenders could terminate commitments or demand immediate repayment, thus offering more flexibility to MetLife's corporate governance without immediately impacting its existing debt obligations.

No, the filing indicates that the amendment modifies the definition of 'Change in Control' and other administrative provisions. It does not mention any changes to the $4 billion principal amount of the credit facility or its five-year maturity.

The amendment removed the portion of the definition that stated a 'Change in Control' would occur if a majority of the seats on the Board of Directors (excluding vacant seats) were occupied by individuals who were neither nominated nor appointed by the Board itself.