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MetLife, 6.50% Non-Cumulative Preferred Stock, Series B
Ticker Symbol: MET-B* CUSIP: 59156R603 Exchange: NYSE
* NOTE: This security is no longer trading as of 7/01/2015
Security has been Called for: Wednesday, July 1, 2015
June 1, 2015 -- MetLife, Inc. announced today a tender offer for any and all of its 60,000,000 outstanding shares of 6.500% Non-Cumulative Preferred Stock, Series B (CUSIP No. 59156R603), par value $0.01 per share and liquidation preference $25.00 per share. The tender offer is being made solely pursuant to the Offer to Purchase dated June 1, 2015 and the accompanying Letter of Transmittal. Upon and subject to the conditions set forth in the Offer to Purchase, MetLife is offering to pay a purchase price of $25.00 per Series B Preferred Share, plus an amount equal to accrued, unpaid and undeclared dividends from, and including June 15, 2015, to, but excluding, the settlement date for the tender offer, for Series B Preferred Shares properly tendered and not properly withdrawn. MetLife currently expects the settlement date of the tender offer to be June 29, 2015. The tender offer will expire at 12:00 midnight, New York City time, on June 26, 2015 (which is the end of the day on June 26, 2015), unless the tender offer is extended or earlier terminated by MetLife. Tenders of Series B Preferred Shares must be made on or prior to the expiration of the tender offer to receive the purchase price and may be withdrawn at any time prior to the expiration of the tender offer, in each case, in accordance with the procedures described in the Offer to Purchase and accompanying Letter of Transmittal.
Concurrently with the tender offer, MetLife has delivered a notice of redemption to the holders of the Series B Preferred Shares. All Series B Preferred Shares that are not properly tendered or are properly withdrawn prior to the expiration of the tender offer will be redeemed by MetLife on July 1, 2015 at a redemption price of $25.00 per share, without any payment for accrued, unpaid and undeclared dividends on the Series B Preferred Shares from, and including June 15, 2015 to, but excluding, the redemption date, pursuant to the terms of the Certificate of Designations for the Series B Preferred Shares. If a holder does not properly tender or properly withdraws its Series B Preferred Shares prior to the expiration date for the tender offer, its Series B Preferred Shares will be redeemed at the lower amount of $25.00 per share. _____________ From the preliminary prospectus filed with the SEC on 5/27/2015 -- MetLife, Inc. intends to use the net proceeds from this offering (the Series C preferred stock) to fund the repurchase of the Series B Preferred Shares, in whole or in part.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Metlife Inc., 6.50% Non-Cumulative Preferred Stock, Series B, liquidation preference $25 per share, redeemable at the issuer's option on or after 9/15/2010 at $25 per share plus declared and unpaid dividends, with no stated maturity, and with noncumulative distributions of 6.50% ($1.625) per annum paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the 15th calendar day prior to the payment date or on the date fixed by the board, not more than 60 days or less than 10 days prior to the payment date. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-74 of the prospectus for further information). In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (MET)
IPO - 6/13/2005 - 60.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: METFO Changed: 6/27/2005
Market Value $1.5 Billion
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 200 Park Avenue, New York, NY 10166 |
| Main Phone Number |
212-578-2211 |
| Fax Number |
212-578-3320 |
| Investor Relations
John McCallion
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212-578-7888
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| Toll Free Phone Number |
800-638-5433 |
| CEO - C. Robert Henrikson |
CFO - William J. Wheeler |
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