MetLife enters $4 billion credit agreement with Bank of America

By Jennifer Chiou

New York, June 4 - MetLife, Inc. and MetLife Funding, Inc. entered into on Friday a $4 billion five-year credit agreement with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The interest rate is Libor plus 100 basis points to 187.5 bps, and the commitment fee is 10 bps to 30 bps.

JPMorgan Chase Bank, NA and Wells Fargo Bank, NA acted as co-syndication agents with Barclays Bank plc, BNP Paribas, Citibank, NA, Credit Suisse AG, New York Branch, Deutsche Bank AG New York Branch, Goldman Sachs Bank USA, HSBC Bank USA NA and UBS AG, Stamford Branch as co-documentation agents. Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC were the joint lead arrangers and bookrunners.

The New York-based insurance company may use proceeds for general corporate purposes.

The facility may be expanded to up to $5 billion. It has a consolidated net worth requirement of $35 billion.

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