Chicago, Nov. 10 – Brighthouse Financial, Inc. sold $350 million of 4.625% series D non-cumulative preferred stock (Ba2/BBB-/BB+) on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
Dividends on the $25-par preferreds will be payable quarterly beginning on March 25, 2022.
The shares are callable in whole or in part beginning Dec. 25, 2026 at par and are callable before that time after the occurrence of a rating agency event or a regulatory capital treatment event.
BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC and J.P. Morgan Securities LLC are joint bookrunning managers of the registered deal. Goldman Sachs & Co. LLC is a joint lead manager.
Brighthouse is concurrently offering senior notes.
Brighthouse plans to use the proceeds of the preferreds and senior notes, together with available cash, to purchase a maximum tender amount of its 3.7% notes due June 22, 2027 and 4.7% notes June 22, 2047.
The company plans to list the preferreds on the Nasdaq under the symbol “BHFAM.”
Brighthouse is a Charlotte, N.C.-based insurance company.
| Issuer: | Brighthouse Financial, Inc.
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| Issue: | Series D non-cumulative preferred stock
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| Amount: | $350 million, or 14 million depositary shares
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| Maturity: | Perpetual
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| Bookrunners: | BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC, Wells Fargo Securities LLC and J.P. Morgan Securities LLC
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| Joint lead manager: | Goldman Sachs & Co. LLC
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| Co-managers: | Academy Securities, Inc., AmeriVet Securities, Inc., Mischler Financial Group, Inc. and R. Seelaus & Co., LLC
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| Dividend: | 4.625%
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| Price: | Par of $25.00
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| Yield: | 4.625%
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| Call features: | At par plus unpaid dividends at any time beginning Dec. 25, 2026
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| Trade date: | Nov. 10
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| Settlement date: | Nov. 22
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| Ratings: | Moody’s: Ba2
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| S&P: BBB-
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| Fitch: BB+
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| Distribution: | SEC registered
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| Listing: | Nasdaq: BHFAM
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| Cusip: | 10922N889
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