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MetLife, 5.00% Common Equity Units
Ticker Symbol: MLU** CUSIP: 59156R116 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/08/2014
Security has been Called for: Wednesday, October 8, 2014
QUANTUMONLINE.COM SECURITY DESCRIPTION: MetLife Inc., 5.00% Common Equity Units, initially consisting of Common Equity Units which include three separate stock purchase contracts with separate stock purchase dates and a 1/40 or 2.5% interest in three separate senior debentures with principal amounts of $1000. The equity units have a stated amount of $75 per unit through the first stock purchase date, $50 through the second stock purchase date and $25 through the third stock purchase date. Each of the three stock purchase contracts require the holder to purchase for $25 a variable number of shares of MetLife Inc. (NYSE: MET) common stock no later than the specified dates and pay contract adjustment rates of 3.436%, 3.077% and 2.537% per annum. The first stock purchase date is 10/10/2012 (which may be deferred for up to two three-month periods in the event of a failed remarketing). The second stock purchase date is the later of six calendar months after the first stock purchase date and 9/11/2013 (which may be deferred for up to two three-month periods in the event of a failed remarketing). The third stock purchase date is the later of six calendar months after the second stock purchase date and 10/8/2014 (which may be deferred for up to two three-month periods in the event of a failed remarketing). The stock purchase settlement rate for each of the three stock purchase contracts will be 0.5647 shares per unit if the then current market price is equal to or greater than $44.275 and 0.7058 shares per unit if the market price is equal to or less than $35.42. For market prices between those values the settlement rate will be $25 divided by the market value. Prior to the IPO of this security, the last reported sale price of the common stock on 3/2/2011 was $43.41 per share. The senior debentures are due at dates between 6/15/2018 and 6/15/2045 and are subject to reset and remarketingprior to their stock purchase dates. The Common Equity Units pay quarterly distributions of 5.00% per annum on 3/15, 6/15, 9/15 & 12/15 to holders of record on 3/1, 6/1, 9/1 & 12/1 respectively (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Distributions paid by these securities are derived from interest paid on the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The senior debentures are pledged as collateral to secure the holder's obligations under the stock purchase contracts. The holder has the right at any time to convert the Common Equity Units to stripped Common Equity Units by the substitution of a specified zero-coupon U.S. Treasury securities for the senior debentures and to later recreate Common Equity Units. The senior debentures are unsecured and rank equally with the company's other unsecured senior indebtedness. See the IPO prospectus for extensive additional information on the common equity units and their mandatory stock purchase provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
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Stock Exchange |
Cpn Rate Ann Amt |
LiqPref CallPrice |
Call Date Matur Date |
Moodys/S&P Dated |
Conversion Shares@Price |
Distribution Dates |
15% Tax Rate |
NYSE
Chart
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5.00%
$3.75
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$75.00
$75.00
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Called for
10/08/2014
6/15/2045
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A3
NR
10/01/2014
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0.5647@$44.275+
0.7058@$35.42-
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3/15, 6/15, 9/15 & 12/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
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No
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Go to Parent Company's Record (MET)
IPO - 3/4/2011 - 40.00 Million Units @ $82.88/unit.
Link to IPO Prospectus
Previous Ticker Symbol: METFU Changed: 3/04/2011
Market Value $3.3 Billion
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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