MetLife Prices Public Offering of Common Stock

MetLife, Inc. announced on Monday that it has priced a public offering of 75 million shares of common stock at $42.00 per share for gross proceeds of $3.15 billion. In addition, the underwriters have an option to purchase an additional 11.25 million shares of common stock to cover over-allotments, if any.

Source: Source: MarketWatch | Published on August 3, 2010

Net proceeds from the sale of the common stock will be used to help finance the $6.8 billion cash portion of the purchase price for MetLife's previously announced acquisition of American Life Insurance Company from American International Group, Inc. In addition to the common stock offering, MetLife also plans to offer approximately $3 billion in senior debt in several series with varying maturities and interest rates. The remainder of the cash portion of the purchase price will be funded with cash on hand.

BofA Merrill Lynch, Credit Suisse, Deutsche Bank Securities, HSBC, UBS Investment Bank and Wells Fargo Securities are the book-running managers for the transaction.