MetLife Inc. has publicly sold 32.2 million depositary shares at $25 apiece, each representing a 0.001 interest in a 5.625% noncumulative preferred share, series E, issued with a liquidation preference of $25,000.
The aggregate liquidation preference is $700 million.
The company entered into underwriting and pricing agreements related to the sale of 28 million depositary shares with the joint book-running managers Morgan Stanley & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., UBS Securities LLC and Wells Fargo Securities LLC. The underwriters exercised in full their option to purchase up to an additional 4.2 million depositary shares.
The co-managers were Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC and SMBC Nikko Securities America Inc.
HRC Investment Services Inc., Janney Montgomery Scott LLC, Stifel Nicolaus & Co. Inc. and Wedbush Morgan Securities Inc. acted as first-tier underwriters.
The second-tier underwriters were Advisors Asset Management, BB&T Capital Markets, BNY Mellon Capital Markets LLC, C. L. King & Associates Inc., D.A. Davidson & Co., Davenport & Co. LLC, Drexel Hamilton LLC, Fidelity Brokerage Services LLC, Hilltop Securities Inc., J.J.B. Hilliard W.L. Lyons, Inc., Maxim Group LLC, Mesirow Financial Inc., MFR Securities Inc., Mischler Financial Group Inc., Oppenheimer & Co. Inc., Robert W. Baird & Co. Inc.,The Williams Group LP and William Blair & Co. LLC.
In connection with the issuance, MetLife entered into a deposit agreement with Computershare Inc. and Computershare Trust Co. NA, as depositary, and the holders from time to time of the depositary receipts.
