By Lisa Kerner
Charlotte, N.C., Dec. 2 – MetLife, Inc. and several of its private placement clients have invested $213 million in 3.31% senior notes for the refinancing of the I-595 highway in southern Florida.
The notes priced at 155 basis points over a seven-year Treasury bond, have an average life of about seven years and reach final maturity in 2031.
The final bond was oversubscribed with 15 private investors participating, according to a news release.
MetLife and its clients are the lead investors in the $827 million total offering.
Proceeds will be used to retire a portion of the Florida I-595 highway project’s outstanding bank debt and repay other loans.
The highway, opened in March 2014, is Florida’s first public-private partnership of its kind.
The refinancing closed in November.
ACS Infrastructure Development, Inc. and TIAA-CREF are the equity sponsors of the project.
MetLife is a New York-based life insurance company.
Issuer: | Florida I-595 highway project
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Issue | Senior notes
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Amount: | $213 million
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Coupon: | 3.31%
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Maturity: | 2031, with an average life of seven years
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Pricing: | 155 bps over seven-year Treasury bond
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Distribution: | Private placement
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Purchasers: | MetLife, Inc. and certain clients
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