By James McCandless
San Antonio, May 31 – MetLife, Inc. priced an upsized $700 million of $25-par series E non-cumulative preferred stock with a 5.625% dividend on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The deal was increased from an expected size of $200 million and came at the low end of talk for a dividend of 5.625% to 5.75%.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners.
The deal was announced on Thursday morning.
There is a $105 million over-allotment option.
The preferreds will be callable at par after five years. Prior to that, they will only be redeemable within 90 days of a ratings agency or regulatory capital event.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “METPrE.”
MetLife is a New York City-based insurance provider.
| Issuer: | MetLife, Inc.
|
| Description: | Series E non-cumulative preferred stock
|
| Amount: | $700 million
|
| Greenshoe: | $105 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities LLC
|
| Co-managers: | Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc.
|
| Dividend: | 5.625%
|
| Price: | Par of $25.00
|
| Yield: | 5.625%
|
| Call: | On or after June 15, 2023 at par; before that only within 90 days of a ratings agency or regulatory event
|
| Trade date: | May 30
|
| Settlement date: | June 4
|
| Ratings: | Moody’s: Baa2 (expected)
|
| S&P: BBB
|
| Fitch: BBB (expected)
|
| Distribution: | SEC registered
|
| Expected listing: | NYSE: METPrE
|
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