MetLife Announces Full Redemption of 3.048% Series C Senior Component Debentures, Tranche 2

Rhea-AI Summary

MetLife, Inc. (NYSE: MET) has announced the redemption of its entire $500 million outstanding 3.048% Series C Senior Component Debentures, Tranche 2, scheduled for July 23, 2021. The redemption price will reflect the present value of principal and interest payments remaining until December 15, 2022, discounted as per the terms outlined in the indenture. The payment process will be handled by The Bank of New York Mellon Trust Company, N.A. after the redemption date, ceasing all interest accrual on the Notes thereafter.

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• Redemption of $500 million in senior debentures may enhance financial stability.

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• None.

MetLife, Inc. (NYSE: MET) today announced that it will redeem all of its outstanding 3.048% Series C Senior Component Debentures, Tranche 2 (the "Notes"), pursuant to the terms of the Notes. The full $500 million outstanding principal amount of the Notes will be redeemed on July 23, 2021 (the “Redemption Date”).

The redemption price will be equal to the sum of (1) the present value, as of the Redemption Date, of all remaining scheduled principal and interest payments on the Notes from, but excluding, the Redemption Date through, and including, December 15, 2022 (not including any portion of such payments of interest that have accrued, or for which the regular record date has occurred, as of the Redemption Date), such present value to be calculated using discounting, on a semi-annual basis assuming a 360-day year consisting of twelve 30-day months, at a discount rate equal to the lesser of (i) the Treasury Rate (as defined in the indenture for the Notes) plus fifty (50) basis points and (ii) fifteen percent (15%); and (2) (without duplication) unpaid interest that has accrued on the Notes to, but excluding, the Redemption Date. On and after the Redemption Date, all interest on the Notes will cease to accrue.

The Notes are held through The Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the Notes will be made by The Bank of New York Mellon Trust Company, N.A., as paying agent.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Forward-Looking Statements

The forward-looking statements in this news release, such as “will,” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

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FAQ

What is the significance of MetLife redeeming its Series C Senior Debentures?

The redemption indicates MetLife is managing its debt effectively, which may enhance investor confidence.

When will MetLife redeem the 3.048% Series C Senior Component Debentures?

The redemption will occur on July 23, 2021.

What is the total amount being redeemed by MetLife?

MetLife will redeem a total of $500 million in outstanding principal of the Notes.

How will the redemption price for the Notes be calculated?

The redemption price will be based on the present value of remaining principal and interest payments.

Who will handle the payment for the redeemed Notes?

The Bank of New York Mellon Trust Company, N.A. will manage the payment process.