MetLife, Inc. announced the completion of its remarketing of $500 million aggregate principal amount of its 1.756 percent Series C Senior Component Debentures, Tranche 1 and $500 million aggregate principal amount of its 3.048 percent Series C Senior Component Debentures, Tranche 2.
According to a release, both tranches originally comprised $1 billion aggregate principal amount of MetLife's Series C Senior Debentures due 2023 and formed part of its 40 million common equity units, which were issued in November 2010 in connection with MetLife's acquisition of American Life Insurance Company and Delaware American Life Insurance Company.
Effective October 10, the stated maturity of the Tranche 1 and Tranche 2 Debentures will be December 15, 2017 and December 15, 2022, respectively. Proceeds of the remarketing, net of the remarketing agents' fees, will be paid to the holders of the common equity units, who in turn will use $1 billion of those proceeds to purchase newly-issued shares of MetLife common stock from MetLife, Inc. under stock purchase contracts constituting part of the common equity units.
MetLife, Inc. is a global provider of insurance, annuities and employee benefit programs, serving 90 million customers.
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