MetLife Inc. has priced a $500 million offering of 500,000 of its 5.875% fixed- to floating-rate noncumulative preferred shares, series D, with a liquidation preference of $1,000 per share.
The shares are redeemable in whole or in part, from time to time, on or after March 15, 2028, at a redemption price of $1,000 apiece plus any dividends accrued but not declared and paid for the dividend period to, but excluding, the redemption date. The shares may also be partly or wholly redeemed at any time before March 15, 2028, within 90 days after a rating agency event or regulatory capital event.
The shares are expected to be issued on or about March 22.
From the issuance date to, but excluding, March 15, 2028, the dividend rate is 5.875% per year, payable semiannually in arrears each March 15 and Sept. 15, starting Sept. 15 and ending March 15, 2028. From, and including, March 15, 2028, the dividend rate is three-month London Interbank Offered Rate plus 2.959% per year, payable quarterly in arrears each March 15, June 15, Sept. 15 and Dec. 15, commencing June 15, 2028.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Wells Fargo Securities LLC are joint book-running managers for the offering.
Barclays Capital Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and Morgan Stanley & Co. LLC are senior co-managers, while Mizuho Securities USA LLC, Scotia Capital (USA) Inc., SG Americas Securities LLC, SMBC Nikko Securities America Inc. and U.S. Bancorp Investments Inc. are co-managers.
The junior co-managers are ANZ Securities Inc., BNY Mellon Capital Markets LLC, Commerz Markets LLC, Credit Agricole Securities (USA) Inc., ICBC Standard Bank PLC, nabSecurities LLC, RBS Securities Inc., Santander Investment Securities Inc., Standard Chartered Bank, TD Securities (USA) LLC, The Williams Capital Group LP, UniCredit Capital Markets LLC, Drexel Hamilton LLC, MFR Securities Inc. and Mischler Financial Group Inc.