By Andrea Heisinger
New York, Sept. 27 - MetLife, Inc. sold $1 billion of series C senior component debentures (A3/A-/) in two tranches on Thursday in a remarketing, a source away from the trade said.
A $500 million tranche of five-year debentures will have an initial maturity of June 15, 2018, which will adjust to Dec. 15, 2017 following the settlement of the remarketing on Oct. 10.
The five-year notes were priced at a spread of Treasuries plus 105 basis points.
The second part was $500 million of 10-year debentures with an initial maturity of June 15, 2018 and a final maturity of Dec. 15, 2022 following the remarketing settlement.
The 10-year notes were priced at a spread of 135 bps over Treasuries.
There is a call option on or after Oct. 10, 2014.
Full terms of the remarketing were not available at press time.
The series C debentures were originally issued in November 2010 as $1 billion of series C senior debentures due 2023, which formed part of MetLife's 40 million common equity units, with an aggregate stated amount at issuance of $3 billion.
Effective Sept. 15, 2012, each original series C debenture converted into a unit consisting of two tranches, with each $2,000 principal amount of original series C debentures consisting of $1,000 principal amount of series C senior component debentures due 2018 and $1,000 of series C senior component debentures due 2023.
Remarketing agents were Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The insurance, annuities and employee benefits provider is based in New York City.
| Issuer: | MetLife, Inc.
|
| Issue: | Series C senior component debentures
|
| Amount: | $1 billion, remarketed
|
| Remarketing agents: | Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Trade date: | Sept. 27
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | June 15, 2018 (initial), Dec. 15, 2017 after remarketing settlement
|
| Spread: | Treasuries plus 105 bps
|
| Call: | On or after Oct. 10, 2014
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | June 15, 2023 (initial), Dec. 15, 2022 after remarketing settlement
|
| Spread: | Treasuries plus 135 bps
|
| Call: | On or after Oct. 10, 2014
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
