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MetLife greenshoe exercise lifts series E preferreds to $805 million
New York, June 5 – MetLife, Inc.’s offering of 5.625% $25-par series E non-cumulative preferred stock was increased to $805 million through full exercise of the over-allotment option, according to an 8-K filing with the Securities and Exchange Commission.
The $105 million greenshoe was exercised on Friday and the sale settled on Monday.
MetLife originally priced $700 million of the preferreds at par of $25.00 on May 30.
The offering was increased from $200 million and came at the low end of talk for a dividend of 5.625% to 5.75%.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners.
The preferreds will be callable at par after five years.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “METPrE.”
MetLife is a New York City-based insurance provider.
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