MetLife enters $3 billion five-year restated credit agreement

By Marisa Wong

Los Angeles, May 9 – MetLife, Inc. and wholly owned subsidiary MetLife Funding, Inc. amended and restated on May 8 their amended and restated credit agreement dated Feb. 26, 2021 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The restated credit agreement will provide for borrowings or the issuance of letters of credit up to an aggregate of $3 billion.

The amount available may be increased to a maximum amount of $4 billion.

All borrowings must be repaid by May 8, 2028, except that letters of credit outstanding on that date may remain outstanding until no later than May 8, 2029.

Borrowings will bear interest at term SOFR plus a spread ranging from 87.5 basis points to 150 bps, depending on ratings.

The commitment fee ranges from 7 bps to 15 bps.

Loans may be used for general corporate purposes.

BofA Securities, Inc., JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC are the joint lead arrangers and bookrunners.

JPMorgan and Wells Fargo Bank, NA are co-syndication agents.

Barclays Bank plc, BNP Paribas, Citibank, NA, Credit Suisse AG, New York Branch, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, HSBC Bank USA, NA, Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners, LLC and Sumitomo Mitsui Banking Corp. are co-documentation agents.

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