New Issue: MetLife sells $1.8 billion mandatory convertibles to yield 6.375%, up 22.5%

Princeton, N.J., June 15 - MetLife Inc. sold $1.8 billion of common equity units in a mandatory convertibles deal priced to yield 6.375% with a 22.5% initial conversion premium.

The securities priced at the middle of talk, which had put the yield at 6.0% to 6.75% and the conversion premium at 20% to 25%.

Global coordinators for the registered deal were Goldman Sachs & Co. and Banc of America Securities. Joint bookrunners were Citigroup, Credit Suisse First Boston, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS Investment Bank.

There is a $270 million greenshoe available.

MetLife plans to use proceeds to help fund its previously announced acquisition of certain domestic and international insurance businesses from Citigroup Inc.

Based in New York, MetLife is a life insurance company.

Issuer:	MetLife Inc.
Issue:	Common equity units
Bookrunners:	Goldman Sachs & Co., Banc of America Securities (co-ordinators), Citigroup, Credit Suisse First Boston, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS Investment Bank
Amount:	$1.8 billion
Greenshoe:	$270 million
Maturity:	Two stages: half on August 15, 2008 and half on February 15, 2009
Coupon:	6.375%
Price:	$25
Yield:	6.375%
Conversion premium:	22.5%
Conversion price:	$53.10
Call:	Non-callable
Price talk:	6.0-6.75%, up 20%-25%
Pricing date:	June 15, after the close
Settlement date:	June 21
Distribution:	Registered

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