MetLife amends facility to change definition of change of control

By Angela McDaniels

Tacoma, Wash., Nov. 24 – MetLife, Inc. and subsidiary MetLife Funding, Inc. amended their $4 billion five-year credit facility on Nov. 20 to modify the definition of change of control, according to an 8-K filing with the Securities and Exchange Commission.

Under the amended credit agreement, the lenders may, upon a change of control, terminate commitments, require prepayment of outstanding loans and/or require the company to collateralize with cash outstanding letter-of-credit obligations.

The amendment removes the portion of the definition that specifies a change of control would occur if a majority of seats, other than vacant seats, on the board of directors are occupied by people who were neither nominated nor appointed by the board.

Bank of America, NA is the administrative agent.

MetLife is an insurance and employee benefits company based in New York City.

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