Brighthouse Financial Inc. is offering 17 million depositary shares, each of which represents a 0.001 interest in a share of 6.600% noncumulative series A preferred stock, for an aggregate price of $425 million.
The public offering price is $25.00 per depositary share. The company will pay dividends on the series A preferred stock, if declared by its board, at a rate of 6.600% per annum on March 25, June 25, Sept. 25 and Dec. 25 of each year, starting June 25.
Total proceeds to Brighthouse Financial will amount to about $410 million, excluding the $13.3 million underwriting discount and other estimated offering expenses. Subsidiary Brighthouse Life Insurance Co. will use the net proceeds for general corporate purposes.
The shares are deposited with Computershare Inc. and Computershare Trust Co. NA. BofA Merrill Lynch, Morgan Stanley, UBS Investment Bank, Wells Fargo Securities and J.P. Morgan are joint book-running managers for this offering, while Barclays and HSBC are co-managers.