By Aleesia Forni
Virginia Beach, March 2 – MetLife Inc. priced $1.5 billion of senior notes (A3/A-/A-) in tranches due 2025 and 2045 on Monday, according to a market source.
There was $500 million of 3% 10-year notes priced at 99.428 to yield 3.067%, or Treasuries plus 98 basis points.
The notes sold at the tight end of the 100 bps area price guidance, which firmed from initial price thoughts set in the low-100 bps area.
A second tranche was $1 billion of 4.05% 30-year bonds priced at 99.501 to yield 4.079%, or Treasuries plus 140 bps.
Pricing was at the tight end of the 140 bps to 145 bps guidance. Initial price talk was set at Treasuries plus 150 bps to 155 bps.
The bookrunners were Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.
Proceeds will be used for general corporate purposes, including the repayment of $1 billion of 5% senior notes due June 15, 2015.
The insurance and employee benefits company is based in New York City.
| Issuer: | MetLife Inc.
|
| Issue: | Senior notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.
|
| Trade date: | March 2
|
| Settlement date: | March 5
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Fitch: A-
|
| Distribution: | SEC-registered
|
|
|
| 10-year notes
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| Amount: | $500 million
|
| Maturity: | March 1, 2025
|
| Coupon: | 3%
|
| Price: | 99.428
|
| Yield: | 3.067%
|
| Spread: | 98 bps
|
| Price talk: | 100 bps area, tightened from low-100 bps area
|
| Make-whole call: | 15 bps
|
|
|
| 30-year bonds
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| Amount: | $1 billion
|
| Maturity: | March 1, 2045
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| Coupon: | 4.05%
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| Price: | 99.501
|
| Yield: | 4.079%
|
| Spread: | 140 bps
|
| Price talk: | 140 bps to 145 bps, tightened from 150 bps to 155 bps
|
| Make-whole call: | 25 bps
|
|
|
|
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