MetLife establishes $1.25B P-Caps facility with 5.740% Senior Notes due 2055

METLIFE INC

Trust issued 1.25M P-Caps for aggregate $1.25B; proceeds invested in U.S. Treasury strips.
MetLife has 30-year right to issue 5.740% Senior Notes due 2055 to Trust in exchange for Eligible Assets.
Semi-annual facility fee of 1.2373% p.a. on unexercised portion of Issuance Right.
Issuance Right triggers: consolidated net worth (excl. AOCI) below $10B or bankruptcy events.
Senior Notes redeemable at MetLife's option; Trust will redeem P-Caps upon redemption or maturity.

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