By Cristal Cody
Tupelo, Miss., Jan. 9 – MetLife Global Funding I priced $1.5 billion of notes (Aa3/AA) in two tranches tighter than talk on Tuesday, according to a market source.
The company sold $750 million of 3.375% three-year notes at a spread of Treasuries plus 82 basis points. The notes were initially talked to print in the Treasuries plus 95 bps to 100 bps area.
MetLife sold $750 million of 3.6% five-year notes at a spread of Treasuries plus 105 bps. Initial price talk was in the Treasuries plus 115 bps to 120 bps area.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC were the bookrunners.
The issuer is a financing arm of New York City-based insurance and employee benefits company MetLife Inc.
| Issuer: | MetLife Global Funding I
|
| Amount: | $1.5 billion
|
| Description: | Fixed-rate notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC
|
| Trade date: | Jan. 8
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 11, 2022
|
| Coupon: | 3.375%
|
| Spread: | Treasuries plus 82 bps
|
| Price guidance: | Treasuries plus 95 bps-100 bps area
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 11, 2024
|
| Coupon: | 3.6%
|
| Spread: | Treasuries plus 105 bps
|
| Price guidance: | Treasuries plus 115 bps-120 bps area
|
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