Item 8.01. Other Events.
On January 12, 2009, MetLife, Inc. (the "Company") entered into a remarketing
agreement (the "Remarketing Agreement") with Citigroup Global Markets, Inc., as
Remarketing Agent, and The Bank of New York Mellon Trust Company, N.A., not
individually but solely as Purchase Contract Agent and as attorney-in-fact of
the holders of Purchase Contracts (each as defined therein), relating to the
remarketing of the Company's 4.91% Junior Subordinated Debt Securities, Series B
(the "Series B Debt Securities") or any successor or replacement securities (the
"Remarketed Securities"). Additional remarketing agents may be selected to
participate in the remarketing. The terms of the Remarketing Agreement, which is
attached hereto as Exhibit 99.1, are incorporated herein by reference.
Capitalized terms used and not defined herein, shall have the meanings ascribed
to them in the Remarketing Agreement.
The Series B Debt Securities were originally issued by the Company to MetLife
Capital Trust III ("Trust III") in June 2005 in connection with the offering of
the Company's Common Equity Units (the "Units"). Each Unit initially consisted
of a contract to purchase shares of the Company's common stock in accordance
with the terms of the Units, a 1/80th undivided beneficial interest in a trust
preferred security (the "Series A Trust Preferred Securities") of MetLife
Capital Trust II ("Trust II") and a 1/80th undivided beneficial interest in a
trust preferred security (the "Series B Trust Preferred Securities") of
Trust III. In August 2008, Trust II was dissolved, the underlying debt
securities held by Trust II were distributed to the holders of the Series A
Trust Preferred Securities, and the underlying securities were remarketed.
In accordance with the terms of the Declaration of Trust of Trust III,
Trust III will be dissolved and the Series B Debt Securities will be distributed
to the holders of the Series B Trust Preferred Securities, prior to the
Remarketing Date. Subject to the terms of the Remarketing Agreement, the
remarketing is scheduled to occur on February 11, 2009. The Remarketing
Agreement provides that the Remarketing Agents are obligated to use their
commercially reasonable efforts to obtain a price for the Remarketed Securities
which results in proceeds, net of fees, equal to at least 100% of the aggregate
principal amount of, plus accrued and unpaid interest, if any, on the Remarketed
Securities to the Remarketing Settlement Date. The Remarketing Agents will
remarket all Remarketed Securities tendered or deemed tendered for remarketing.
Item 9.01. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
99.1 Remarketing Agreement dated as of January 12, 2009 among MetLife, Inc.,
Citigroup Global Markets, Inc., as Remarketing Agent, and The Bank of New York
Mellon Trust Company, N.A., not individually, but solely as Purchase Contract
Agent and as Attorney-in-Fact of the Holders of Purchase Contracts.