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MetLife adds 59.85 million-share cap to tender offer for preferreds
By Angela McDaniels
Tacoma, Wash., June 12 – MetLife, Inc. said it modified the tender offer for its 6.5% series B noncumulative preferred stock from an offer to purchase any and all of the 60 million outstanding preferreds to an offer to purchase up to 59.85 million of the preferreds.
The change means that as a result of the tender offer the preferreds will not be removed from the New York Stock Exchange, according to a company news release.
The company is offering $25.00 per preferred plus accrued dividends from and including June 15 to but excluding the settlement date, which is expected to be June 29.
The tender offer began June 1 and will expire at midnight ET at the end of the day on June 26.
If the number of preferreds tendered exceeds 59.85 million, the company will purchase 59.85 million preferreds from the tendering holders on a pro rata basis.
On July 1, the company will redeem any series B preferreds that are not purchased in the tender offer. They will be redeemed at $25.00 per preferred without any payment for accrued dividends from June 15 to the redemption date.
As a result of the redemption, the preferreds will be removed from the NYSE on the redemption date.
The tender offer is being made following MetLife’s public offering of 1.5 million shares of 5.25% series C fixed-to-floating-rate noncumulative preferred stock.
MetLife expects to use the proceeds from the offering and cash on hand to pay for the tender offer and any redemption.
The dealer manager is Goldman Sachs & Co. (800 828-3182 or 212 902-6595). The information agent and tender agent is Global Bondholder Services Corp. (866 470-3800 or, for banks and brokers, 212 430-3774).
MetLife provides life insurance, annuities, employee benefits and asset management and is based in New York.
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