MetLife Inc. filed a prospectus related to the sale of 40,000,000 depositary shares, each representing a 0.001 interest in one of its 4.75% noncumulative preferred shares, series F, issued with a liquidation preference of $25,000.
The maximum aggregate offering price is $1 billion.
The company expects net proceeds of approximately $972 million, after the underwriting discount and estimated expenses. Those proceeds will be used for general corporate purposes, possibly including the redemption or repurchase of MetLife's 5.250% fixed- to floating-rate noncumulative preferred shares, series C.
In connection with the sale, MetLife entered into an underwriting agreement and a pricing agreement with Wells Fargo Securities LLC, BofA Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and J.P. Morgan Securities LLC, as representatives of the underwriters.
The joint book runners for the offering are Wells Fargo Securities, BofA Securities, Morgan Stanley, UBS Investment Bank and J.P. Morgan. Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman Sachs & Co. LLC and HSBC are acting as co-managers.