METROPOLITAN LIFE INSURANCE CO: debt financing — MetLife entities amend credit facility to $3B committed, maturing in 2028

METROPOLITAN LIFE INSURANCE CO

Amended and restated credit agreement provides $3B committed borrowing capacity, expandable to $4B if no default.
Final maturity date for borrowings is May 8, 2028; letters of credit may extend to May 8, 2029.
Facility supports general corporate purposes, including backstopping commercial paper and variable annuity reserve requirements.
Lenders include Bank of America (administrative agent), JPMorgan Chase, and Wells Fargo as co-syndication agents.
Contains customary representations, warranties, and covenants; acceleration upon uncured event of default.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

METROPOLITAN LIFE INSURANCE CO amended credit facility of $3,000,000,000 with Bank of America, N.A., as Administrative Agent and Several L/C Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents maturing May 8, 2028.

Instrument: credit facility
Principal: $3,000,000,000
Counterparty: Bank of America, N.A., as Administrative Agent and Several L/C Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents
Maturity: May 8, 2028
Event: amendment

Exact text from the filing

in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement will provide for borrowings or the issuance of letters of credit up to an aggregate of $3,000,000,000 committed by the lenders party thereto. The amount available under the Amended and Restated Credit Agreement may be increased to a maximum amount of $4,000,000,000, provided that

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

METROPOLITAN LIFE INSURANCE CO amended Amended and Restated Credit Agreement with Bank of America, N.A., as Administrative Agent and Several L/C Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents, the other lenders party thereto and the other parties thereto valued at $3,000,000,000 (effective 2023-05-08).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as Administrative Agent and Several L/C Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents, the other lenders party thereto and the other parties thereto
Value: $3,000,000,000
Effective: 2023-05-08

Exact text from the filing

On May 8, 2023, MetLife, Inc., a Delaware corporation (“MetLife”), and MetLife Funding, Inc. (together with MetLife, the “Borrowers”), a Delaware corporation and wholly-owned subsidiary of Metropolitan Life Insurance Company (the “Company”), amended and restated in its entirety their Amended and Restated Credit Agreement, dated as of February 26, 2021 (as amended and restated, the “Amended and Restated Credit Agreement”) among the Borrowers, Bank of America, N.A., as Administrative Agent and Several L/C Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as Co-Syndication Agents, the other lenders party thereto and the other parties thereto.

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Source: SEC EDGAR

accession 0001193125-23-139532

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