| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2012 > News item |
MetLife enters remarketing agreement with Deutsche for two tranches
By Jennifer Chiou
New York, Aug. 31 - MetLife, Inc. entered into on Aug. 27 a remarketing agreement with Deutsche Bank Securities Inc. as remarketing agent and Deutsche Bank Trust Co. Americas as stock purchase contract agent for its series C senior component tranche 1 debentures due 2018 and its series C senior component tranche 2 debentures due 2023.
The remarketing period is anticipated for Sept. 26 through Oct. 9.
According to an 8-K filing with the Securities and Exchange Commission., the agents are obligated to use their commercially reasonable efforts to obtain a price for each tranche of the remarketed securities resulting in proceeds, net of fees, equal to:
• At least 100% of the aggregate principal amount plus accrued interest to Oct. 10; plus
• The product of 5 basis points and the aggregate principal amount of the remarketed securities.
MetLife issued the second-tranche debentures due 2023 on Nov. 1, 2010. The securities originally formed part of the company's common equity units, which were offered to investors under MetLife's shelf registration statement filed on Nov. 30, 2010.
Automatic conversion
Effective on Sept. 15, the series C debt securities will automatically convert into units consisting of the first-tranche series C debt securities and second-tranche series C debt securities, with each $2,000 principal amount of series C debt securities, consisting of $1,000 principal amount of the first-tranche series and a like amount of the second-tranche securities.
Following a successful remarketing, the respective interest rates on each tranche of the remarketed securities will be reset.
Effective Oct. 10, the stated maturity of the first-tranche securities will automatically be adjusted to Dec. 15, 2017, while the stated maturity of the second tranche will automatically be adjusted to Dec. 15, 2022.
The insurance and financial planning company is based in New York City.
© 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.