As filed with the Securities and Exchange Commission on November 18, 2016.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-3
REGISTRATION STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
MetLife, Inc.
MetLife
Capital Trust V
MetLife Capital Trust VI
MetLife Capital Trust VII
MetLife Capital Trust VIII
MetLife Capital Trust IX
(Exact names of registrants as specified in their charters)
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Delaware
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13-4075851
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Delaware
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26-6087690
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Delaware
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26-6087715
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Delaware
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26-6087728
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Delaware
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26-6087740
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Delaware
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26-6087754
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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200 Park Avenue
New
York, New York 10166-0188
(212) 578-9500
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Ricardo A. Anzaldua, Esq.
Executive Vice President and General Counsel
MetLife, Inc.
200 Park
Avenue
New York, New York 10166-0188
(212) 578-9500
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Approximate date of commencement of proposed sale to the public:
From time to time after the effective date of this Registration
Statement as determined by the registrants.
If the only securities being registered on this Form are being offered pursuant to dividend
or interest reinvestment plans, please check the following box.
¨
If any of
the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment
plans, check the following box.
x
If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.
¨
If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.
¨
If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following
box.
x
If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box.
¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer
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x
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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CALCULATION OF REGISTRATION FEE
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Title of Each Class of
Securities to be Registered
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Amount
to be
Registered
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Proposed
Maximum
Offering
Price
per Unit
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Proposed
Maximum
Aggregate
Offering Price
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Amount of
Registration
Fee(1)(2)
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Debt Securities of MetLife, Inc.(3)
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Preferred Stock of MetLife, Inc., $0.01 par
value(4)
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Depositary Shares of MetLife, Inc.(5)
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Common Stock of MetLife, Inc., $0.01 par
value(6)
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Warrants of MetLife, Inc.(7)
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Purchase Contracts of MetLife, Inc.(8)
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Units of MetLife, Inc.(9)
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Trust Preferred Securities of MetLife Capital
Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and MetLife Capital Trust IX(10)
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Guarantees of MetLife, Inc. with respect to the
Trust Preferred Securities of MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and MetLife Capital Trust IX(11)
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(1)
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An unspecified aggregate initial offering price or number of the securities of each class identified above is being registered as may from time to time be offered, reoffered or resold, at indeterminate prices. Separate
consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities or that are issued in units or represented by depositary shares. In accordance with Rules 456(b) and 457(r) under
the Securities Act of 1933, as amended (the “Securities Act”), MetLife, Inc. is deferring payment of all of the related registration fees.
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(2)
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This Registration Statement also covers an indeterminate number of debt securities, preferred stock, depositary shares, common stock, warrants, purchase contracts and units of MetLife, Inc. and of the trust preferred
securities of MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and MetLife Capital Trust IX and the related guarantees of MetLife, Inc. that may be reoffered and resold on
an ongoing basis after their initial sale in remarketing or other resale transactions by the registrants or affiliates of the registrants.
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(3)
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Includes debt securities issuable upon conversion or exchange of securities registered hereunder to the extent any such securities are, by their terms, convertible into or exchangeable for debt securities, including
upon the exercise of warrants or delivery upon settlement of purchase contracts.
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(4)
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Includes preferred stock issuable upon conversion or exchange of securities registered hereunder to the extent any such securities are, by their terms, convertible into or exchangeable for preferred stock, including
upon the exercise of warrants or delivery upon settlement of purchase contracts.
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(5)
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Includes depositary shares evidenced by depositary receipts issuable in the event that MetLife, Inc. elects to offer fractional interests in debt securities or shares of common or preferred stock registered hereby, upon
the exercise of warrants or delivery upon settlement of purchase contracts.
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(6)
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Includes common stock issuable upon conversion or exchange of securities registered hereunder to the extent any such securities are, by their terms, convertible into or exchangeable for common stock, including upon the
exercise of warrants or delivery upon settlement of purchase contracts.
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(7)
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Warrants may represent rights to purchase debt securities, preferred stock, common stock or other securities registered hereunder. Warrants may be sold separately or with debt securities, preferred stock, common stock
or other securities registered hereunder.
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(8)
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Includes purchase contracts issuable upon conversion or exchange of securities registered hereunder to the extent any such securities are, by their terms convertible into or exchangeable for purchase contracts. Each
purchase contract obligates the registrant to sell, and the holder thereof to purchase, an indeterminate number of debt securities, common stock, preferred stock or other securities registered hereunder.
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(9)
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Includes units issuable upon conversion or exchange of securities registered hereunder to the extent any such securities, are, by their terms convertible into or exchangeable for units, including upon the exercise of
warrants or delivery upon settlement of purchase contracts. Each unit may consist of a combination of any two or more of the securities being registered hereby or debt obligations of third parties, including U.S. Treasury securities.
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(10)
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Trust preferred securities may be sold severally from time to time by MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and MetLife Capital
Trust IX.
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(11)
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MetLife, Inc. is registering under this registration statement guarantees and all other obligations that it may have with respect to trust preferred securities issued by MetLife Capital Trust V, MetLife Capital
Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and MetLife Capital Trust IX. No separate consideration will be received for any guarantee or any such other obligation. Pursuant to Rule 457(n) under the Securities
Act, no separate registration fee will be paid in respect of any such guarantee or any such other obligation.
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This
Registration Statement contains a prospectus relating to both the offering of newly issued securities and remarketing or other resale transactions that occur on an ongoing basis in securities that have been previously or will be issued under this
Registration Statement.
PROSPECTUS
METLIFE, INC.
DEBT
SECURITIES, PREFERRED STOCK, DEPOSITARY SHARES,
COMMON STOCK, WARRANTS, PURCHASE CONTRACTS AND UNITS
METLIFE CAPITAL TRUST V
METLIFE CAPITAL TRUST VI
METLIFE CAPITAL TRUST VII
METLIFE CAPITAL TRUST VIII
METLIFE CAPITAL TRUST IX
TRUST PREFERRED SECURITIES
Fully and Unconditionally Guaranteed by MetLife, Inc.,
As Described in this Prospectus and the Accompanying Prospectus Supplement
MetLife, Inc., or any of the trusts named above, may offer these securities, or any combination thereof, from time to time in amounts, at
prices and on other terms to be determined at the time of the offering. MetLife, Inc., or any of the trusts named above, will provide the specific terms of these securities in supplements to this prospectus. You should read this prospectus and the
accompanying prospectus supplement carefully before you make your investment decision.
THIS PROSPECTUS MAY NOT BE USED TO SELL SECURITIES
UNLESS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.
MetLife, Inc., or any of the trusts named above, may offer securities through underwriting
syndicates managed or co-managed by one or more underwriters, through agents, or directly to purchasers. The prospectus supplement for each offering of securities will describe in detail the plan of distribution for that offering. For general
information about the distribution of securities offered, please see “Plan of Distribution” in this prospectus.
MetLife,
Inc.’s common stock is listed on the New York Stock Exchange under the trading symbol “MET”. Unless otherwise stated in this prospectus or an accompanying prospectus supplement, none of these securities will be listed on a securities
exchange, other than MetLife, Inc.’s common stock.
MetLife, Inc., or any of the trusts named above, or any of their respective
affiliates may use this prospectus and the applicable prospectus supplement in a remarketing or other resale transaction involving the securities after their initial sale. These transactions may be executed at negotiated prices that are related to
market prices at the time of purchase or sale, or at other prices, as determined from time to time.
Investing in MetLife, Inc.’s
securities or the securities of the trusts involves risk. See “
Risk Factors
” on page 1 of this prospectus.
None of the Securities and Exchange Commission, any state securities commission, the New York Superintendent of Financial Services or any
other regulatory body has approved or disapproved of these securities or determined if this prospectus or the accompanying prospectus supplement is truthful or complete. They have not made, nor will they make, any determination as to whether anyone
should buy these securities. Any representation to the contrary is a criminal offense.
The date of this prospectus is November 18,
2016
TABLE OF CONTENTS
i
ABOUT THIS PROSPECTUS
Unless otherwise stated or the context otherwise requires, references in this prospectus to “
MetLife
,” “
we
,”
“
our
,” “
us
,” or “
the Company
” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, together with its subsidiaries and affiliates, while references to “
MetLife, Inc.
”
refer only to the holding company on an unconsolidated basis. References in this prospectus to the
“trusts”
refer to MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital
Trust VIII and MetLife Capital Trust IX.
This prospectus is part of a registration statement that MetLife, Inc. and the trusts
filed with the U.S. Securities and Exchange Commission (the “
SEC
”) using a “shelf” registration process. Under this shelf process, MetLife, Inc. may, from time to time, sell any combination of debt securities,
preferred stock, depositary shares, common stock, warrants, purchase contracts and units and the trusts may, from time to time, sell trust preferred securities guaranteed by MetLife, Inc., as described in this prospectus, in one or more offerings in
one or more currencies, currency units or composite currencies. This prospectus provides you with a general description of the securities MetLife, Inc. and the trusts may offer. Each time that securities are sold, a prospectus supplement that will
contain specific information about the terms of that offering will be provided. The prospectus supplement may also add, update or change information contained in this prospectus. You should read both this prospectus and any prospectus supplement
together with additional information described under the heading “Where You Can Find More Information.”
You should rely on the
information contained or incorporated by reference in this prospectus. Neither MetLife, Inc. nor the trusts have authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you
should not rely on it. Neither MetLife, Inc. nor the trusts are making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.
You should assume that the information in this prospectus is accurate as of the date of the prospectus. Our business, financial condition,
results of operations and prospects may have changed since that date.
RISK FACTORS
Investing in MetLife, Inc.’s securities or the securities of the trusts involve risks. We urge you to carefully consider the risk factors
described in our filings with the SEC that are incorporated by reference in this prospectus and in any prospectus supplement, pricing supplement or free writing prospectus used in connection with an offering of our securities, as well as the
information relating to us identified herein in “Special Note Regarding Forward-Looking Statements,” before making an investment decision.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and the accompanying prospectus supplement may contain or incorporate by reference information that includes or is based upon
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate
strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar
meaning, or are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results
of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks
and uncertainties. Many such factors will be important in
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determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a
number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks,
uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. These factors include:
(1) difficult conditions in the global capital markets; (2) increased volatility and disruption of the global capital and credit markets, which may affect our ability to meet liquidity needs and access capital, including through our credit
facilities, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets, including assets supporting risks ceded
to certain of our captive reinsurers or hedging arrangements associated with those risks; (3) exposure to global financial and capital market risks, including as a result of the pending withdrawal of the United Kingdom from the European Union,
other disruption in Europe and possible withdrawal of one or more countries from the Euro zone; (4) impact on us of comprehensive financial services regulation reform, including potential regulation of MetLife, Inc. as a non-bank systemically
important financial institution, or otherwise; (5) numerous rulemaking initiatives required or permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act which may impact how we conduct our business, including those compelling
the liquidation of certain financial institutions; (6) regulatory, legislative or tax changes relating to our insurance, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the
cost or administrative burdens of providing benefits to employees; (7) adverse results or other consequences from litigation, arbitration or regulatory investigations; (8) unanticipated developments that could delay, prevent or otherwise
adversely affect the separation of Brighthouse Financial, Inc., a subsidiary of MetLife, Inc.; (9) our ability to address difficulties, unforeseen liabilities, asset impairments, or rating agency actions arising from (a) business acquisitions
and integrating and managing the growth of such acquired businesses, (b) dispositions of businesses via sale, initial public offering, spin-off or otherwise, including failure to achieve projected operation benefit from such transactions; (c) entry
into joint ventures, or (d) legal entity reorganizations; (10) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; including any separated business’ incurrence of debt in
connection with such a separation; (11) investment losses and defaults, and changes to investment valuations; (12) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements,
value of business acquired or goodwill; (13) impairments of goodwill and realized losses or market value impairments to illiquid assets; (14) defaults on our mortgage loans; (15) the defaults or deteriorating credit of other financial
institutions that could adversely affect us; (16) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (17) downgrades in our claims paying
ability, financial strength or credit ratings; (18) a deterioration in the experience of the closed block established in connection with the reorganization of Metropolitan Life Insurance Company; (19) availability and effectiveness of
reinsurance, hedging or indemnification arrangements, as well as any default or failure of counterparties to perform; (20) differences between actual claims experience and underwriting and reserving assumptions; (21) ineffectiveness of
risk management policies and procedures; (22) catastrophe losses; (23) increasing cost and limited market capacity for statutory life insurance reserve financings; (24) heightened competition, including with respect to pricing, entry
of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (25) exposure to losses related to variable annuity guarantee benefits, including from significant and
sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity and any adjustment, for non-performance risk; (26) legal, regulatory and other restrictions
affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (27) MetLife, Inc.’s and its subsidiary holding companies’ primary reliance, as holding companies, on dividends from its subsidiaries to meet its
free cash flow targets and debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (28) the possibility that MetLife, Inc.’s Board of Directors may influence the outcome
of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (29) changes in accounting standards, practices and/or policies; (30) increased expenses relating to pension and postretirement benefit plans, as well as
health care and other employee benefits; (31) inability to protect our intellectual property rights or claims of
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infringement of the intellectual property rights of others; (32) difficulties in marketing and distributing products through our distribution channels; (33) provisions of laws and our
incorporation documents may delay, deter or prevent takeovers and corporate combinations involving MetLife; (34) the effects of business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other
hostilities, or natural catastrophes, including any related impact on the value of our investment portfolio, our disaster recovery systems, cyber- or other information security systems and management continuity planning; (35) any failure to protect
the confidentiality of client information; (36) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; (37) restrictions, liabilities, losses or indemnification obligations arising
from any transitional services or tax arrangements related to the separation of any business, or from the failure of such a separation to qualify for any intended tax-free treatment; and (38) other risks and uncertainties described from time to
time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission.
MetLife, Inc. does not undertake any obligation to
publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the U.S.
Securities and Exchange Commission.
NOTE REGARDING RELIANCE ON STATEMENTS IN OUR CONTRACTS
In reviewing the agreements included as exhibits to any of the documents incorporated by reference into this prospectus and any prospectus
supplement, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about MetLife, Inc., its subsidiaries or affiliates, or the other
parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable
agreement and:
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should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;
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have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;
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may apply standards of materiality in a way that is different from what may be viewed as material to investors; and
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were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.
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Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional
information about MetLife, Inc. and its subsidiaries and affiliates may be found elsewhere in this prospectus and the accompanying prospectus supplement, as well as MetLife, Inc.’s other public filings, which are available without charge
through the SEC website at
www.sec.gov
.
WHERE YOU CAN FIND MORE INFORMATION
MetLife, Inc. files reports, proxy statements and other information with the SEC. These reports, proxy statements and other information,
including the registration statement of which this prospectus is a part, can be read and copied at the SEC’s public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further
information on the operation of the public reference room. The SEC maintains an internet site at www.sec.gov that contains reports, proxy and information statements and other information regarding companies that file electronically with the SEC,
including MetLife, Inc. MetLife, Inc.’s common stock is listed and traded on the New York Stock Exchange under the symbol “MET”. These reports, proxy statements and other information can also be read at the offices of the New York
Stock Exchange, 11 Wall Street, New York, New York 10005.
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The SEC allows “incorporation by reference” into this prospectus of information that
MetLife, Inc. files with the SEC. This permits MetLife, Inc. to disclose important information to you by referencing these filed documents. Any information referenced this way is considered part of this prospectus, and any information filed with the
SEC subsequent to the date of this prospectus will automatically be deemed to update and supersede this information. Information furnished under Item 2.02 and Item 7.01 of MetLife, Inc.’s Current Reports on
Form 8-K
is not incorporated by reference in this registration statement and prospectus. MetLife, Inc. incorporates by reference the following documents which have been filed with the SEC:
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Annual Report on Form 10-K for the year ended December 31, 2015 (the “
2015 Annual Report
”), as revised by MetLife, Inc.’s Current Report on Form 8-K filed on November 18, 2016 (the
“November 18 Form 8-K;” the 2015 Annual Report, as revised by the November 18 Form 8-K, the “2015 Form 10-K”), which revised the following Items of the Annual Report as and to the extent reflected in Exhibit 99.1 thereto:
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Part I, Item 1. Business;
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Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations;
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Part II, Item 8. Financial Statements and Supplementary Data; and
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Part IV, Item 15. Exhibits and Financial Statement Schedules;
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Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016, June 30, 2016 and September 30, 2016;
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Registration Statement on Form 8-A, dated March 31, 2000, relating to registration of shares of MetLife, Inc.’s common stock;
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The portions of MetLife, Inc.’s Definitive Proxy Statement filed on April 26, 2016 for MetLife, Inc.’s Annual Meeting of Stockholders incorporated by reference into the 2015 Annual Report; and
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Current Reports on Form 8-K filed on January 12, 2016, February 19, 2016, February 29, 2016 (only with respect to Item 1.01 information), March 7, 2016, March 24,
2016, May 16, 2016, June 14, 2016, June 15, 2016, August 3, 2016 (only with respect to Item 8.01 information), August 15, 2016, September 29, 2016, October 5, 2016, October 6, 2016, October 25, 2016, November 15, 2016 and November 18,
2016.
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MetLife, Inc. incorporates by reference the documents listed above and any future filings made with the SEC in
accordance with Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than information furnished under Item 2.02 or Item 7.01 of MetLife, Inc.’s Current
Reports on Form 8-K, until MetLife, Inc. and the trusts file a post-effective amendment which indicates the termination or completion of the offering of the securities made by this prospectus. Any reports filed by us with the SEC, other than
information furnished under Item 2.02 or Item 7.01 of MetLife, Inc.’s Current Reports on Form 8-K, after the date of this prospectus and before the date that the offering of the securities by means of this prospectus is terminated or
completed will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus.
MetLife, Inc. will provide without charge upon written or oral request, a copy of any or all of the documents that are incorporated by
reference into this prospectus, other than exhibits to those documents, unless those exhibits are specifically incorporated by reference into those documents. Requests should be directed to Investor Relations, MetLife, Inc., 1095 Avenue of the
Americas, New York, New York 10036, by electronic mail (metir@metlife.com) or by telephone (212-578-2211). You may also obtain some of the documents incorporated by reference into this prospectus at MetLife’s website, www.metlife.com. All other
information contained on MetLife’s website is not a part of this prospectus.
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METLIFE, INC.
MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Through its subsidiaries and affiliates, it
holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. Over the past several years, it has grown its core businesses, as well as successfully executed its growth strategy. This has included
completing a number of transactions that have resulted in the acquisition and, in some cases, divestiture of certain businesses while also further strengthening its balance sheet to position MetLife for continued growth.
MetLife, Inc. is a holding company for its insurance and financial subsidiaries and does not have any significant operations of its own.
Dividends from its subsidiaries and permitted payments to it under its tax sharing arrangements with its subsidiaries are its principal sources of cash to meet its obligations and to pay preferred and common stock dividends. MetLife, Inc.’s
insurance subsidiaries are subject to regulatory restrictions on the payment of dividends imposed by the regulators of their respective domiciles. The dividend limitation for U.S. insurance subsidiaries is based on the surplus to policyholders
as of the immediately preceding calendar year and statutory net gain from operations of the immediately preceding calendar year. Statutory accounting practices, as prescribed by insurance regulators of various states in which we conduct business,
differ in certain respects from accounting principles used in financial statements prepared in conformity with GAAP. The significant differences relate to the treatment of DAC, certain deferred income tax, required investment reserves, reserve
calculation assumptions, goodwill and surplus notes.
MetLife, Inc. is incorporated under the laws of the State of Delaware. MetLife,
Inc.’s principal executive offices are located at 200 Park Avenue, New York, New York 10166-0188, and its telephone number is
212-578-9500.
THE TRUSTS
MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and MetLife
Capital Trust IX are statutory trusts formed on October 31, 2007 under Delaware law pursuant to declarations of trust between the trustees named therein and MetLife, Inc. and the filing of certificates of trust with the Secretary of State
of the State of Delaware. MetLife, Inc., as sponsor of the trusts, and the trustees named in the declarations of trust will amend and restate the declarations of trust in their entirety substantially in the forms which are incorporated by reference
as exhibits to the registration statement of which this prospectus forms a part, as of or prior to the date the trusts issue any trust preferred securities. The declarations of trust will be qualified as indentures under the Trust Indenture Act
of 1939, as amended (the “
Trust Indenture Act
”).
The trusts exist for the exclusive purposes of:
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issuing trust preferred securities offered by this prospectus and common securities to MetLife, Inc.;
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investing the gross proceeds of the trust preferred securities and common securities in related series of debt securities, which may be senior or subordinated, issued by MetLife, Inc.; and
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engaging in only those other activities which are necessary, appropriate, convenient or incidental to the purposes set forth above.
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The payment of periodic cash distributions on the trust preferred securities and payments on liquidation and redemption with respect to the
trust preferred securities, in each case to the extent the trusts have funds legally and immediately available, will be guaranteed by MetLife, Inc. to the extent set forth under “Description of Guarantees.”
MetLife, Inc. will own, directly or indirectly, all of the common securities of the trusts. The common securities will have terms
substantially identical to, and will rank equal in priority of payment with, the trust
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preferred securities. However, if MetLife, Inc. defaults on the related series of debt securities, then cash distributions and liquidation, redemption and other amounts payable on the common
securities will be subordinate to the trust preferred securities in priority of payment.
The trusts’ activities will be conducted by
the trustees appointed by MetLife, Inc., as the direct or indirect holder of all of the common securities. The holder of the common securities of each trust will be entitled to appoint, remove or replace any of, or increase or reduce the number of,
the trustees of the trust. However, the number of trustees shall be at least three, at least one of which shall be an administrative trustee. The duties and obligations of the trustees will be governed by the declaration of trust for each trust. A
majority of the trustees of each trust will be persons who are employees or officers of or affiliated with MetLife, Inc. One trustee of each trust will be a financial institution which will be unaffiliated with MetLife, Inc. and which will act as
property trustee and as indenture trustee for purposes of the Trust Indenture Act, pursuant to the terms set forth in a prospectus supplement. In addition, unless the property trustee maintains a principal place of business in the State of
Delaware, and otherwise meets the requirements of applicable law, one trustee of each trust will have its principal place of business or reside in the State of Delaware.
The property trustee will hold title to the debt securities for the benefit of the holders of the trust securities and the property trustee
will have the power to exercise all rights, powers and privileges under the indenture as the holder of the debt securities. In addition, the property trustee will maintain exclusive control of a segregated non-interest bearing bank account to hold
all payments made in respect of the debt securities for the benefit of the holders of the trust securities. The property trustee will make payments of distributions and payments on liquidation, redemption and otherwise to the holders of the trust
securities out of funds from this property account.
The rights of the holders of the trust preferred securities, including economic
rights, rights to information and voting rights, are provided in the declarations of trust of MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and MetLife Capital
Trust IX, including any amendments thereto, the trust preferred securities, the Delaware Statutory Trust Act of 1988, as amended, and the Trust Indenture Act.
MetLife, Inc. will pay all fees and expenses related to the trusts and the offering of trust preferred securities. The principal offices of
each trust is: BNY Mellon Trust of Delaware, Suite 102, Newark, Delaware 19711, Attention: Corporate Trust Administration. The telephone number of each trust is: 302-283-8905.
Please read the prospectus supplement relating to the trust preferred securities for further information concerning the trusts and the trust
preferred securities.
USE OF PROCEEDS
We may use the proceeds of securities sold or re-sold under this registration statement for, among other things, general corporate purposes.
The prospectus supplement for each offering of securities will specify the intended use of the proceeds of that offering. Unless otherwise indicated in an accompanying prospectus supplement, the trusts will use all of the proceeds they receive from
the sale of trust preferred securities to purchase debt securities issued by MetLife, Inc.
6
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth MetLife’s historical ratio of earnings to fixed charges for the periods indicated:
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Nine Months
Ended
September 30,
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Years Ended December 31,
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2016
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2015
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2015
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2014
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2013
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2012
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2011
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Ratio of earnings to fixed charges (1)
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1.57
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2.12
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1.95
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1.99
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1.36
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1.12
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2.22
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1)
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For purposes of this computation, earnings are defined as income before provision for income tax and discontinued operations and excluding undistributed income and losses from equity method investments, noncontrolling
interests and fixed charges, excluding capitalized interest. Fixed charges are the sum of interest and debt issue costs, interest credited to bank deposits, interest credited to policyholder account balances, and an estimated interest component of
rent expense. Interest costs include $5 million and $10 million related to variable interest entities for the nine months ended September 30, 2016 and 2015, respectively. Excluding these costs would have no effect on the ratio of earnings to fixed
charges for the nine months ended September 30, 2016 and not have a significant effect for the nine months ended September 30, 2015. Interest costs include $8 million, $38 million, $122 million, $163 million and $324 million related to variable
interest entities for the years ended December 2015, 2014, 2013, 2012 and 2011, respectively. Excluding these costs would have no effect on the ratio of earnings to fixed charges for each of the years ended December 31, 2015 and 2014, and would not
have a significant effect on the ratio of earnings to fixed charges for each of the years ended December, 31, 2013, 2012 and 2011.
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7
DESCRIPTION OF SECURITIES
This prospectus contains summary descriptions of the debt securities, preferred stock, depositary shares, common stock, warrants, purchase
contracts and units that MetLife, Inc. may sell from time to time, and the trust preferred securities guaranteed by MetLife, Inc. that the trusts may sell from time to time. These summary descriptions are not meant to be complete descriptions of
each security. However, this prospectus and the applicable prospectus supplement together contain the material terms of the securities being offered.
8
DESCRIPTION OF DEBT SECURITIES
As used in this prospectus, debt securities means the debentures, notes, bonds and other evidences of indebtedness that MetLife, Inc. may
issue from time to time. The debt securities will either be senior debt securities or subordinated debt securities.
Unless the applicable
prospectus supplement states otherwise, senior debt securities will be issued under the Senior Indenture, dated as of November 9, 2001 (the “Senior Indenture”), between MetLife, Inc. and The Bank of New York Mellon Trust Company, N.A.
(as successor in interest to J.P. Morgan Trust Company, National Association (as successor to Bank One Trust Company, N.A.)), as trustee, and subordinated debt securities will be issued under the Subordinated Indenture, dated as of June 21,
2005 (the “Subordinated Indenture”), between MetLife, Inc. and The Bank of New York Mellon Trust Company, N.A. (as successor in interest to J.P. Morgan Trust Company, National Association), as trustee. This prospectus sometimes refers to
the Senior Indenture and the Subordinated Indenture collectively as the “Indentures.”
The Senior Indenture and the Subordinated
Indenture are incorporated by reference as exhibits to the registration statement of which this prospectus forms a part. The statements and descriptions in this prospectus or in any prospectus supplement regarding provisions of the Indentures and
debt securities are summaries thereof, do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of the Indentures and the debt securities, including the definitions therein of
certain terms.
General
The debt
securities will be direct unsecured obligations of MetLife, Inc. The senior debt securities will rank equally with all of MetLife, Inc.’s other senior and unsubordinated debt. The subordinated debt securities will be subordinate and junior in
right of payment to all of MetLife, Inc.’s present and future senior indebtedness.
Because MetLife, Inc. is principally a holding
company, its right to participate in any distribution of assets of any subsidiary, including Metropolitan Life Insurance Company, upon the subsidiary’s liquidation or reorganization or otherwise, is subject to the prior claims of creditors of
the subsidiary, except to the extent MetLife, Inc. may be recognized as a creditor of that subsidiary. Accordingly, MetLife, Inc.’s obligations under the debt securities will be effectively subordinated to all existing and future indebtedness
and liabilities of its subsidiaries, including liabilities under contracts of insurance and annuities written by MetLife, Inc.’s insurance subsidiaries, and holders of debt securities should look only to MetLife, Inc.’s assets for payment
thereunder.
The Indentures do not limit the aggregate principal amount of debt securities that MetLife, Inc. may issue and provide that
MetLife, Inc. may issue debt securities from time to time in one or more series, in each case with the same or various maturities, at par or at a discount. MetLife, Inc. may issue additional debt securities of a particular series without the consent
of the holders of the debt securities of such series outstanding at the time of the issuance. Any such additional debt securities, together with all other outstanding debt securities of that series, will constitute a single series of debt securities
under the applicable Indenture. None of the Indentures limit our ability to incur other debt.
Each prospectus supplement will describe
the terms relating to the specific series of debt securities being offered. These terms will include some or all of the following:
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the title of debt securities and whether they are subordinated debt securities or senior debt securities;
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any limit on the aggregate principal amount of the debt securities;
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the price or prices at which MetLife, Inc. will sell the debt securities;
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the maturity date or dates of the debt securities;
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the rate or rates of interest, if any, which may be fixed or variable, per annum at which the debt securities will bear interest, or the method of determining such rate or rates, if any;
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the date or dates from which any interest will accrue, the dates on which interest will be payable, or the method by which such date or dates will be determined;
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the right, if any, to extend the interest payment periods and the duration of any such deferral period, including the maximum consecutive period during which interest payment periods may be extended;
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whether the amount of payments of principal of (and premium, if any) or interest on the debt securities may be determined with reference to any index, formula or other method, such as one or more currencies,
commodities, equity indices or other indices, and the manner of determining the amount of such payments;
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the dates on which MetLife, Inc. will pay interest on the debt securities and the regular record date for determining who is entitled to the interest payable on any interest payment date;
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the place or places where the principal of (and premium, if any) and interest on the debt securities will be payable;
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if MetLife, Inc. possesses the option to do so, the periods within which and the prices at which MetLife, Inc. may redeem the debt securities, in whole or in part, pursuant to optional redemption provisions, and the
other terms and conditions of any such provisions;
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MetLife, Inc.’s obligation, if any, to redeem, repay or purchase debt securities by making periodic payments to a sinking fund or through an analogous provision or at the option of holders of the debt securities,
and the period or periods within which and the price or prices at which MetLife, Inc. will redeem, repay or purchase the debt securities, in whole or in part, pursuant to such obligation, and the other terms and conditions of such obligation;
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the denominations in which the debt securities will be issued, if other than denominations of $1,000 and integral multiples of $1,000;
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the portion, or methods of determining the portion, of the principal amount of the debt securities which MetLife, Inc. must pay upon the acceleration of the maturity of the debt securities in connection with an Event of
Default (as described below), if other than the full principal amount;
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the currency, currencies or currency unit in which MetLife, Inc. will pay the principal of (and premium, if any) or interest, if any, on the debt securities, if not U.S. dollars and the manner of determining the
equivalent thereof in U.S. dollars;
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provisions, if any, granting special rights to holders of the debt securities upon the occurrence of specified events;
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any deletions from, modifications of or additions to the Events of Default or MetLife, Inc.’s covenants with respect to the applicable series of debt securities, and whether or not such Events of Default or
covenants are consistent with those contained in the applicable Indenture;
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the application, if any, of the terms of the Indenture relating to defeasance and covenant defeasance (which terms are described below) to the debt securities;
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whether the subordination provisions summarized below or different subordination provisions will apply to the debt securities;
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the terms, if any, upon which the holders may or are required to convert or exchange such debt securities into or for MetLife, Inc.’s common stock or other securities or property or into securities of a third
party, including conversion price (which may be adjusted), the method of calculating the conversion price, or the conversion period;
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whether any of the debt securities will be issued in global or certificated form and, if so, the terms and conditions upon which global debt securities may be exchanged for certificated debt securities;
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any change in the right of the trustee or the requisite holders of debt securities to declare the principal amount thereof due and payable because of an Event of Default;
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the depositary for global or certificated debt securities;
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if applicable, a discussion of certain material U.S. federal income tax considerations applicable to specific debt securities;
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any trustees, authenticating or paying agents, transfer agents or registrars or other agents with respect to the debt securities; and
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any other terms of the debt securities not inconsistent with the provisions of the Indentures, as amended or supplemented.
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Unless otherwise specified in the applicable prospectus supplement, the debt securities will not be listed on any securities exchange.
Unless otherwise specified in the applicable prospectus supplement, the debt securities will be issued in fully registered form without
coupons.
Debt securities may be sold at a substantial discount below their stated principal amount, bearing no interest or interest at a
rate which at the time of issuance is below market rates. The applicable prospectus supplement will describe the federal income tax consequences and special considerations applicable to any such debt securities. The debt securities may also be
issued as indexed securities or securities denominated in foreign currencies or currency units, as described in more detail in the prospectus supplement relating to any of the particular debt securities. The prospectus supplement relating to
specific debt securities will also describe any special considerations and certain additional tax considerations applicable to such debt securities.
Subordination
The prospectus supplement
relating to any offering of subordinated debt securities will describe the specific subordination provisions. However, unless otherwise noted in the prospectus supplement, subordinated debt securities will be subordinate and junior in right of
payment to all of MetLife, Inc.’s Senior Indebtedness (as described below).
For purposes of subordinated debt securities,
“Senior Indebtedness” means all amounts due on obligations in connection with any of the following, whether outstanding at the date of execution of the Subordinated Indenture or thereafter incurred or created:
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the principal of (and premium, if any) and interest in respect of indebtedness of MetLife, Inc. for borrowed money and indebtedness evidenced by securities, debentures, bonds or other similar instruments issued by
MetLife, Inc.;
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all capital lease obligations of MetLife, Inc.;
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all obligations of MetLife, Inc. issued or assumed as the deferred purchase price of property, all conditional sale obligations of MetLife, Inc. and all obligations of MetLife, Inc. under any title retention agreement
(but excluding trade accounts payable in the ordinary course of business);
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all obligations of MetLife, Inc. for the reimbursement on any letter of credit, banker’s acceptance, security purchase facility or similar credit transaction;
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all obligations of MetLife, Inc. in respect of interest rate swap, cap or other agreements, interest rate future or options contracts, currency swap agreements, currency future or option contracts and other similar
agreements;
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all obligations of the types referred to above of other persons for the payment of which MetLife, Inc. is responsible or liable as obligor, guarantor or otherwise; and
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all obligations of the types referred to above of other persons secured by any lien on any property or asset of MetLife, Inc. (whether or not such obligation is assumed by MetLife, Inc.).
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Senior Indebtedness does not include:
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indebtedness or monetary obligations to trade creditors created or assumed by MetLife, Inc. in the ordinary course of business in connection with the obtaining of materials or services;
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indebtedness that is, by its terms, subordinated to, or ranks equal with, the subordinated debt securities; and
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any indebtedness of MetLife, Inc. to its affiliates (including all debt securities and guarantees in respect of those debt securities issued to any trust, partnership or other entity affiliated with MetLife, Inc. that
is a financing vehicle of MetLife, Inc. in connection with the issuance by such financing entity of preferred securities or other securities guaranteed by MetLife, Inc.) unless otherwise expressly provided in the terms of any such indebtedness.
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At September 30, 2016 and December 31, 2015, Senior Indebtedness aggregated approximately $15.6 billion and
$17.0 billion, respectively. The amount of Senior Indebtedness which MetLife, Inc. may issue is subject to limitations imposed by its board of directors.
Senior Indebtedness shall continue to be Senior Indebtedness and be entitled to the benefits of the subordination provisions irrespective of
any amendment, modification or waiver of any term of such Senior Indebtedness.
Unless otherwise noted in the accompanying prospectus
supplement, if MetLife, Inc. defaults in the payment of any principal of (or premium, if any) or interest on any Senior Indebtedness when it becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or
otherwise, then, unless and until such default is cured or waived or ceases to exist, MetLife, Inc. will make no direct or indirect payment (in cash, property, securities, by set-off or otherwise) in respect of the principal of or interest on the
subordinated debt securities or in respect of any redemption, retirement, purchase or other requisition of any of the subordinated debt securities.
In the event of the acceleration of the maturity of any subordinated debt securities, the holders of all senior debt securities outstanding at
the time of such acceleration will first be entitled to receive payment in full of all amounts due on the senior debt securities before the holders of the subordinated debt securities will be entitled to receive any payment of principal (and
premium, if any) or interest on the subordinated debt securities.
If any of the following events occurs, MetLife, Inc. will pay in full
all Senior Indebtedness before it makes any payment or distribution under the subordinated debt securities, whether in cash, securities or other property, to any holder of subordinated debt securities:
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any dissolution or winding-up or liquidation or reorganization of MetLife, Inc., whether voluntary or involuntary or in bankruptcy, insolvency or receivership;
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any general assignment by MetLife, Inc. for the benefit of creditors; or
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any other marshaling of MetLife, Inc.’s assets or liabilities.
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In such event, any
payment or distribution under the subordinated debt securities, whether in cash, securities or other property, which would otherwise (but for the subordination provisions) be payable or deliverable in respect of the subordinated debt securities,
will be paid or delivered directly to the holders of Senior Indebtedness in accordance with the priorities then existing among such holders until all Senior Indebtedness has been paid in full. If any payment or distribution under the subordinated
debt securities is received by the trustee of any subordinated debt securities in contravention of any of the terms of the Subordinated Indenture and before all the Senior Indebtedness has been paid in full, such payment or distribution or security
will be received in trust for the benefit of, and paid over or delivered and transferred to, the holders of the Senior Indebtedness at the time outstanding in accordance with the priorities then existing among such holders for application to the
payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all such Senior Indebtedness in full.
None of the
Indentures limit the issuance of additional Senior Indebtedness.
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If debt securities are issued to a trust in connection with the issuance of trust preferred
securities, such debt securities may thereafter be distributed
pro rata
to the holders of such trust securities in connection with the dissolution of such trust upon the occurrence of certain events described in the applicable prospectus
supplement.
Restrictive Covenants
Unless an accompanying prospectus supplement states otherwise, the following restrictive covenants shall apply to each series of senior debt
securities:
Limitation on Liens.
So long as any senior debt securities are outstanding, neither MetLife, Inc. nor any of its
subsidiaries will create, assume, incur or guarantee any debt which is secured by any mortgage, pledge, lien, security interest or other encumbrance on any capital stock of:
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Metropolitan Life Insurance Company;
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any successor to substantially all of the business of Metropolitan Life Insurance Company which is also a subsidiary of MetLife, Inc.; or
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any corporation (other than MetLife, Inc.) having direct or indirect control of Metropolitan Life Insurance Company or any such successor.
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However, this restriction will not apply if the debt securities then outstanding are secured at least equally and ratably with the otherwise prohibited
secured debt so long as it is outstanding.
Limitations on Dispositions of Stock of Certain Subsidiaries.
So long as any
senior debt securities are outstanding and subject to the provisions of the Senior Indenture regarding mergers, consolidations and sales of assets, neither MetLife, Inc. nor any of its subsidiaries will sell or otherwise dispose of any shares of
capital stock (other than preferred stock having no voting rights of any kind) of:
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Metropolitan Life Insurance Company;
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any successor to substantially all of the business of Metropolitan Life Insurance Company which is also a subsidiary of MetLife, Inc.; or
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any corporation (other than MetLife, Inc.) having direct or indirect control of Metropolitan Life Insurance Company or any such successor;
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except for, in each case:
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a sale or other disposition of any of such stock to a wholly-owned subsidiary of MetLife, Inc. or of such subsidiary; or
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a sale or other disposition of all of such stock for at least fair value (as determined by MetLife, Inc.’s board of directors acting in good faith); or a sale or other disposition required to comply with an order
of a court or regulatory authority of competent jurisdiction, other than an order issued at MetLife, Inc.’s request or the request of any of MetLife, Inc.’s subsidiaries.
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Consolidation, Merger, Sale of Assets and Other Transactions
(i) MetLife, Inc. may not merge with or into or consolidate with another corporation or sell, assign, transfer, lease or convey all or
substantially all of its properties and assets to, any other corporation other than a direct or indirect wholly-owned subsidiary of MetLife, Inc. and (ii) no corporation may merge with or into or consolidate with MetLife, Inc. or, except for
any direct or indirect wholly-owned subsidiary of MetLife, Inc., sell, assign, transfer, lease or convey all or substantially all of its properties and assets to MetLife, Inc., unless:
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MetLife, Inc. is the surviving corporation or the corporation formed by or surviving such merger or consolidation
or to which such sale, assignment, transfer, lease or conveyance has been made, if other
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than MetLife, Inc., has expressly assumed by supplemental indenture all the obligations of MetLife, Inc. under the debt securities, the Indentures, and any guarantees of trust preferred
securities or common securities issued by the trusts;
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immediately after giving effect to such transaction, no default or Event of Default has occurred and is continuing;
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if at the time any trust preferred securities are outstanding, such transaction is not prohibited under the applicable declaration of trust and the applicable trust preferred securities guarantee; and
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MetLife, Inc. delivers to the trustee an officers’ certificate and an opinion of counsel, each stating that the supplemental indenture complies with the applicable Indenture.
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Events of Default, Notice and Waiver
Unless an accompanying prospectus supplement states otherwise, the following shall constitute “Events of Default” under the
Indentures with respect to each series of debt securities:
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MetLife, Inc.’s failure to pay any interest on any debt security of such series when due and payable, continued for 30 days;
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MetLife, Inc.’s failure to pay principal (or premium, if any) on any debt security of such series when due, regardless of whether such payment became due because of maturity, redemption, acceleration or otherwise,
or is required by any sinking fund established with respect to such series;
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MetLife, Inc.’s failure to observe or perform any other of its covenants or agreements with respect to such series for 90 days after MetLife, Inc. receives notice of such failure;
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certain defaults with respect to MetLife, Inc.’s debt which result in a principal amount in excess of $100,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have
become due and payable (other than the debt securities or non-recourse debt);
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certain events of bankruptcy, insolvency or reorganization of MetLife, Inc.; and
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certain events of dissolution or winding-up of the trusts in the event that debt securities are issued to the trusts or a trustee of the trusts in connection with the issuance of securities by the trusts.
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If an Event of Default with respect to any debt securities of any series outstanding under either of the Indentures shall
occur and be continuing, the trustee under such Indenture or the holders of at least 25% in aggregate principal amount of the debt securities of that series outstanding may declare, by notice as provided in the applicable Indenture, the principal
amount (or such lesser amount as may be provided for in the debt securities of that series) of all the debt securities of that series outstanding to be due and payable immediately;
provided
that, in the case of an Event of Default involving
certain events in bankruptcy, insolvency or reorganization, acceleration is automatic; and,
provided further
, that after such acceleration, but before a judgment or decree based on acceleration, the holders of a majority in aggregate
principal amount of the outstanding debt securities of that series may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated principal, have been cured or waived. Upon
the acceleration of the maturity of original issue discount debt securities, an amount less than the principal amount thereof will become due and payable. Reference is made to the prospectus supplement relating to any original issue discount debt
securities for the particular provisions relating to acceleration of maturity thereof.
Any past default under either Indenture with
respect to debt securities of any series, and any Event of Default arising therefrom, may be waived by the holders of a majority in principal amount of all debt securities of such series outstanding under such Indenture, except in the case of
(i) default in the payment of the principal of (or premium, if any) or interest on any debt securities of such series, or (ii) default in respect of a covenant or provision which may not be amended or modified without the consent of the
holder of each outstanding debt security of such series affected.
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The trustee is required, within 90 days after the occurrence of a default (which is known to
the trustee and is continuing), with respect to the debt securities of any series (without regard to any grace period or notice requirements), to give to the holders of the debt securities of such series notice of such default;
provided,
however
, that, except in the case of a default in the payment of the principal of (and premium, if any) or interest, or in the payment of any sinking fund installment, on any debt securities of such series, the trustee shall be protected in
withholding such notice if it in good faith determines that the withholding of such notice is in the interests of the holders of the debt securities of such series.
The trustee, subject to its duties during default to act with the required standard of care, may require indemnification by the holders of the
debt securities of any series with respect to which a default has occurred before proceeding to exercise any right or power under the applicable Indenture at the request of the holders of the debt securities of such series. Subject to such right of
indemnification and to certain other limitations, the holders of a majority in aggregate principal amount of the outstanding debt securities of any series under the applicable Indenture may direct the time, method and place of conducting any
proceeding for any remedy available to the trustee, or exercising any trust or power conferred on the trustee with respect to the debt securities of such series.
No holder of a debt security of any series may institute any action against MetLife, Inc. under either of the Indentures (except actions for
payment of overdue principal of (and premium, if any) or interest on such debt security or for the conversion or exchange of such debt security in accordance with its terms) unless (i) the holder has given to the trustee written notice of an
Event of Default and of the continuance thereof with respect to the debt securities of such series specifying an Event of Default, as required under the applicable Indenture, (ii) the holders of at least 25% in aggregate principal amount of the
debt securities of that series then outstanding under such Indenture shall have requested the trustee to institute such action and offered to the trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance
with such request, and (iii) the trustee shall not have instituted such action within 60 days of such request.
MetLife, Inc. is
required to furnish annually to the trustee statements as to MetLife, Inc.’s compliance with all conditions and covenants under each Indenture.
Discharge, Defeasance and Covenant Defeasance
If indicated in the applicable prospectus supplement, MetLife, Inc. may discharge or defease its obligations under each Indenture as set forth
below.
MetLife, Inc. may discharge certain obligations to holders of any series of debt securities issued under either the Senior
Indenture or the Subordinated Indenture which have not already been delivered to the trustee for cancellation and which have either become due and payable or are by their terms due and payable within one year (or scheduled for redemption within one
year) by irrevocably depositing with the trustee cash or, in the case of debt securities payable only in U.S. dollars, U.S. government obligations (as defined in the applicable Indenture), as trust funds in an amount certified to be
sufficient to pay when due, whether at maturity, upon redemption or otherwise, the principal of (and premium, if any) and interest on such debt securities.
If indicated in the applicable prospectus supplement, MetLife, Inc. may elect either (i) to defease and be discharged from any and all
obligations with respect to the debt securities of or within any series (except as otherwise provided in the relevant Indenture) (“defeasance”) or (ii) to be released from its obligations with respect to certain covenants applicable
to the debt securities of or within any series (“covenant defeasance”), upon the deposit with the relevant trustee, in trust for such purpose, of money and/or government obligations which, through the payment of principal and interest in
accordance with their terms, will provide money in an amount sufficient, without reinvestment, to pay the principal of (and premium, if any) or interest on such debt securities to maturity or redemption, as the case may be, and any mandatory sinking
fund or analogous payments thereon. As a condition to defeasance or covenant defeasance, MetLife, Inc. must deliver to the trustee an opinion
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of counsel to the effect that the holders of such debt securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such defeasance or covenant
defeasance and will be subject to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such defeasance or covenant defeasance had not occurred. Such opinion of counsel, in the case
of defeasance under clause (i) above, must refer to and be based upon a ruling of the Internal Revenue Service or a change in applicable U.S. federal income tax law occurring after the date of the relevant Indenture. In addition, in the case of
either defeasance or covenant defeasance, MetLife, Inc. shall have delivered to the trustee (i) an officers’ certificate to the effect that the relevant debt securities exchange(s) have informed it that neither such debt securities nor any
other debt securities of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit, and (ii) an officers’ certificate and an opinion of counsel, each stating that all conditions precedent with
respect to such defeasance or covenant defeasance have been complied with.
MetLife, Inc. may exercise its defeasance option with respect
to such debt securities notwithstanding its prior exercise of its covenant defeasance option.
Modification and Waiver
Under the Indentures, MetLife, Inc. and the applicable trustee may supplement the Indentures for certain purposes which would not materially
adversely affect the interests or rights of the holders of debt securities of a series without the consent of those holders. MetLife, Inc. and the applicable trustee may also modify the Indentures or any supplemental indenture in a manner that
affects the interests or rights of the holders of debt securities with the consent of the holders of at least a majority in aggregate principal amount of the outstanding debt securities of each affected series issued under the Indenture. However,
the Indentures require the consent of each holder of debt securities that would be affected by any modification which would:
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extend the fixed maturity of any debt securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the
redemption thereof;
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reduce the amount of principal of an original issue discount debt security or any other debt security payable upon acceleration of the maturity thereof;
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change the currency in which any debt security or any premium or interest is payable;
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impair the right to enforce any payment on or with respect to any debt security;
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adversely change the right to convert or exchange, including decreasing the conversion rate or increasing the conversion price of, any debt security (if applicable);
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reduce the percentage in principal amount of outstanding debt securities of any series, the consent of whose holders is required for modification or amendment of the Indentures or for waiver of compliance with certain
provisions of the Indentures or for waiver of certain defaults;
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reduce the requirements contained in the Indentures for quorum or voting; or
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modify any of the above provisions.
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If debt securities are held by a trust or a trustee of a
trust, a supplemental indenture that affects the interests or rights of the holders of debt securities will not be effective until the holders of not less than a majority in liquidation preference of the trust preferred securities and common
securities of the applicable trust, collectively, have consented to the supplemental indenture;
provided
,
further
, that if the consent of the holder of each outstanding debt security is required, the supplemental indenture will not be
effective until each holder of the preferred securities and the common securities of the applicable trust has consented to the supplemental indenture.
Each Indenture permits the holders of at least a majority in aggregate principal amount of the outstanding debt securities of any series
issued under such Indenture which is affected by the modification or amendment to waive MetLife, Inc.’s compliance with certain covenants contained in such Indenture.
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Payment and Paying Agents
Unless otherwise indicated in the applicable prospectus supplement, payment of interest on a debt security on any interest payment date will be
made to the person in whose name a debt security is registered at the close of business on the record date for the interest.
Unless
otherwise indicated in the applicable prospectus supplement, principal, interest and premium on the debt securities of a particular series will be payable at the office of such paying agent or paying agents as MetLife, Inc. may designate for such
purpose from time to time. Notwithstanding the foregoing, at MetLife, Inc.’s option, payment of any interest may be made by check mailed to the address of the person entitled thereto as such address appears in the security register.
Unless otherwise indicated in the applicable prospectus supplement, a paying agent designated by MetLife, Inc. and located in the Borough of
Manhattan, The City of New York, will act as paying agent for payments with respect to debt securities of each series. All paying agents initially designated by MetLife, Inc. for the debt securities of a particular series will be named in the
applicable prospectus supplement. MetLife, Inc. may at any time designate additional paying agents or rescind the designation of any paying agent or approve a change in the office through which any paying agent acts, except that MetLife, Inc. will
be required to maintain a paying agent in each place of payment for the debt securities of a particular series.
All moneys paid by
MetLife, Inc. to a paying agent for the payment of the principal, interest or premium on any debt security which remain unclaimed at the end of two years after such principal, interest or premium has become due and payable will be repaid to MetLife,
Inc. upon request, and the holder of such debt security thereafter may look only to MetLife, Inc. for payment thereof.
Denominations, Registrations
and Transfer
Unless an accompanying prospectus supplement states otherwise, debt securities will be represented by one or more global
certificates registered in the name of a nominee for The Depository Trust Company (“DTC”). In such case, each holder’s beneficial interest in the global securities will be shown on the records of DTC and transfers of beneficial
interests will only be effected through DTC’s records.
A holder of debt securities may only exchange a beneficial interest in a
global security for certificated securities registered in the holder’s name if:
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DTC notifies MetLife, Inc. that it is unwilling or unable to continue serving as the depositary for the relevant global securities or DTC ceases to maintain certain qualifications under the Exchange Act and no successor
depositary has been appointed for 90 days; or
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MetLife, Inc. determines, in its sole discretion and subject to the procedures of DTC, that the global security shall be exchangeable.
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If debt securities are issued in certificated form, they will only be issued in the minimum denomination specified in the accompanying
prospectus supplement and integral multiples of such denomination. Transfers and exchanges of such debt securities will only be permitted in such minimum denomination. Transfers of debt securities in certificated form may be registered at the
trustee’s corporate office or at the offices of any paying agent or trustee appointed by MetLife, Inc. under the Indentures. Exchanges of debt securities for an equal aggregate principal amount of debt securities in different denominations may
also be made at such locations.
Governing Law
The Indentures and debt securities will be governed by, and construed in accordance with, the internal laws of the State of New York, without
regard to its principles of conflicts of laws.
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Relationship with the Trustees
The trustee under (i) the Senior Indenture is The Bank of New York Mellon Trust Company, N.A. (as successor in interest to J.P.
Morgan Trust Company, National Association (as successor to Bank One Trust Company, N.A.)) and (ii) the Subordinated Indenture is The Bank of New York Mellon Trust Company, N.A. (as successor in interest to J.P. Morgan
Trust Company, National Association). MetLife, Inc. and its subsidiaries maintain ordinary banking and trust relationships with a number of banks and trust companies, including the trustee under the Indentures.
Conversion or Exchange Rights
The
prospectus supplement will describe the terms, if any, on which a series of debt securities may be convertible into or exchangeable for securities described in this prospectus. These terms will include provisions as to whether conversion or exchange
is mandatory, at the option of the holder or at MetLife, Inc.’s option. These provisions may allow or require the number of shares of MetLife, Inc.’s common stock or other securities to be received by the holders of such series of debt
securities to be adjusted.
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DESCRIPTION OF CAPITAL STOCK
MetLife, Inc.’s authorized capital stock consists of:
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200,000,000 shares of preferred stock, par value $0.01 per share, of which 25,500,000 shares were issued and outstanding as of October 31, 2016:
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27,600,000 shares of Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”), of which 24,000,000 shares were issued and outstanding as of October 31,
2016;
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1,500,000 shares of 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (the “Series C Preferred Stock”) of which 1,500,000 shares were issued and outstanding as of
October 31, 2016;
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10,000,000 shares of Series A Junior Participating Preferred Stock, par value $0.01 per share, of which no shares were issued or outstanding as of the date of this prospectus; and
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3,000,000,000 shares of common stock, par value $0.01 per share, of which 1,099,135,417 shares were outstanding as of October 31, 2016. The remaining shares of authorized and unissued common stock will be
available for future issuance without additional stockholder approval.
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Common Stock
Dividends.
The holders of common stock, after any preferences of holders of any preferred stock, are entitled to receive dividends
as determined by MetLife, Inc.’s board of directors. The declaration and payment of common stock dividends will also depend on MetLife, Inc.’s financial condition, results of operations, cash requirements, future prospects, regulatory
restrictions on the payment of dividends by MetLife, Inc.’s insurance subsidiaries and other factors deemed relevant by MetLife, Inc.’s board of directors. In addition, the payment of dividends on MetLife, Inc.’s common stock may be
subject to restrictions arising out of regulation by the Board of Governors of the Federal Reserve System if, in the future, MetLife, Inc. is designated by the Financial Stability Oversight Council as a non-bank systemically important financial
institution. There is no requirement or assurance that MetLife, Inc. will declare and pay any dividends. In addition, (i) the certificates of designation for the Series A Preferred Stock and the Series C Preferred Stock,
(ii) MetLife, Inc.’s 6.40% Fixed-to-Floating Rate Junior Subordinated Debentures due 2066, (iii) MetLife, Inc.’s 10.75% Fixed-to-Floating Rate Junior Subordinated Debentures due 2069 (the “10.75% JSDs due 2069”),
(iv) MetLife, Inc.’s 6.817% Senior Debt Securities, Series A, due 2018 (the “6.817% SDS due 2018”), (v) MetLife, Inc.’s 7.717% Senior Debt Securities, Series B, due 2019 (the “7.717% SDS due
2019”), (vi) upon an exchange of the 7.875% Fixed-to-Floating Rate Exchangeable Surplus Trust Securities of MetLife Capital Trust IV, the related 7.875% Fixed-to-Floating Rate Junior Subordinated Debentures due 2067 of MetLife,
Inc. (the “7.875% JSDs due 2067”), and (vii) upon exchange of the 9.250% Fixed-to-Floating Rate Exchangeable Surplus Trust Securities of MetLife Capital Trust X, the related 9.250% Fixed-to-Floating Rate Junior Subordinated
Debentures due 2068 of MetLife, Inc. (the “9.25% JSDs due 2068”), all prohibit the declaration or payment of dividends or distributions on common stock under certain circumstances. Under the certificates of designation for the
Series A Preferred Stock and the Series C Preferred Stock, if dividends on such securities are not paid, no dividends may be paid on the common stock. Similarly, under the 6.40% Fixed-to-Floating Rate Junior Subordinated Debentures due
2066, the 10.75% JSDs due 2069, the 7.875% JSDs due 2067 and the 9.25% JSDs due 2068, under certain circumstances, if interest is not paid in full on such securities, whether because of an optional deferral or a trigger event, subject to certain
exceptions, then no dividends may be paid on the common stock. Further, the 6.817% SDS due 2018 and the 7.717% SDS due 2019 prohibit, during any period in which the payment of interest on either series is deferred, or certain other events have
occurred, among other things, the declaration or payment of any dividends or distributions on, the redemption, purchase, or acquisition of or making a liquidation payment with respect to, any shares of capital stock.
Voting Rights.
The holders of common stock are entitled to one vote per share on all matters on which the holders of common stock
are entitled to vote and do not have any cumulative voting rights.
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Liquidation and Dissolution.
In the event of MetLife, Inc.’s liquidation,
dissolution or winding-up, the holders of common stock are entitled to share equally and ratably in MetLife, Inc.’s assets, if any, remaining after the payment of all of MetLife, Inc.’s liabilities and the liquidation preference of any
outstanding class or series of preferred stock.
Other Rights.
The holders of common stock have no preemptive, conversion,
redemption or sinking fund rights. The holders of shares of MetLife, Inc.’s common stock are not required to make additional capital contributions.
Transfer Agent and Registrar.
The transfer agent and registrar for MetLife, Inc.’s common stock is Computershare Inc.
(successor in interest to Mellon Investor Services LLC).
Preferred Stock
General.
MetLife, Inc.’s board of directors has the authority to issue preferred stock in one or more series and to fix the
title and number of shares constituting any such series and the designations, powers, preferences, limitations and relative rights including offering price, any dividend rights (including whether dividends will be cumulative or non-cumulative),
dividend rate, voting rights, terms of any redemption, any redemption price or prices, conversion or exchange rights and any liquidation preferences of the shares constituting any series, without any further vote or action by stockholders. The
specific terms of the preferred stock will be described in the prospectus supplement.
MetLife, Inc. has authorized 10,000,000 shares
of Series A Junior Participating Preferred Stock for issuance in connection with a stockholder rights plan. The stockholder rights plan expired at the close of business on April 4, 2010 and was not renewed.
Voting Rights.
The Delaware General Corporation Law provides that the holders of preferred stock will have the right to vote
separately as a class on any proposal involving fundamental changes in the rights of holders of such preferred stock. The prospectus supplement will describe the voting rights, if any, of the preferred stock.
Conversion or Exchange.
The prospectus supplement will describe the terms, if any, on which the preferred stock may be convertible
into or exchangeable for securities described in this prospectus. These terms will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at MetLife, Inc.’s option. These provisions may set forth
the conversion price, the method of determining the conversion price and the conversion period and may allow or require the number of shares of MetLife, Inc.’s common stock or other securities to be received by the holders of preferred stock to
be adjusted.
Redemption.
The prospectus supplement will describe the obligation, if any, to redeem the preferred stock in
whole or in part at the times and at the redemption prices set forth in the applicable prospectus supplement.
Unless otherwise indicated
in the applicable prospectus supplement, MetLife, Inc. may not purchase or redeem any of the outstanding shares or any series of preferred stock unless full cumulative dividends, if any, have been paid or declared and set apart for payment upon all
outstanding shares of any series of preferred stock for all past dividend periods, and unless all of MetLife, Inc.’s matured obligations with respect to all sinking funds, retirement funds or purchase funds for all series of preferred stock
then outstanding have been met.
Certain Provisions in MetLife, Inc.’s Certificate of Incorporation and By-Laws and in Delaware and New York Law
A number of provisions of MetLife, Inc.’s certificate of incorporation and by-laws deal with matters of corporate governance and
rights of stockholders. The following discussion is a general summary of selected provisions of MetLife, Inc.’s certificate of incorporation and by-laws and regulatory provisions that might be
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deemed to have a potential “anti-takeover” effect. These provisions may have the effect of discouraging a future takeover attempt which is not approved by MetLife, Inc.’s board of
directors but which individual stockholders may deem to be in their best interests or in which stockholders may receive a substantial premium for their shares over then current market prices. As a result, stockholders who might desire to participate
in such a transaction may not have an opportunity to do so. Such provisions will also render the removal of the incumbent board of directors or management more difficult. Some provisions of the Delaware General Corporation Law and the New York
Insurance Law may also have an anti-takeover effect. The following description of selected provisions of MetLife, Inc.’s certificate of incorporation and by-laws and selected provisions of the Delaware General Corporation Law and the New York
Insurance Law is necessarily general and reference should be made in each case to MetLife, Inc.’s certificate of incorporation and by-laws, which are incorporated by reference as exhibits to the registration statement of which this prospectus
forms a part, and to the provisions of those laws.
Exercise of Duties by Board of Directors
MetLife, Inc.’s certificate of incorporation provides that while the MetLife Policyholder Trust (as described below) is in existence, each
MetLife, Inc. director is required, in exercising his or her duties as a director, to take the interests of the trust beneficiaries into account as if they were holders of the shares of common stock held in the trust, except to the extent that any
such director determines, based on advice of counsel, that to do so would violate his or her duties as a director under Delaware law.
Restriction on
Maximum Number of Directors and Filling of Vacancies on MetLife, Inc.’s Board of Directors
Pursuant to MetLife, Inc.’s
by-laws and subject to the rights of the holders of any class of preferred stock, the number of directors may be fixed and increased or decreased from time to time exclusively by resolution adopted by a majority of the entire board of directors, but
the board of directors will at no time consist of fewer than three directors. Stockholders may remove a director with or without cause at a meeting of the stockholders by a vote of a majority in voting power of the outstanding stock entitled to vote
generally in the election of directors, in which case the vacancy caused by such removal may be filled at such meeting by the stockholders entitled to vote for the election of the director so removed. Any vacancy on the board of directors, including
a vacancy resulting from an increase in the number of directors or resulting from a removal where the stockholders have not filled the vacancy, subject to the rights of the holders of any class of preferred stock, may be filled by a majority of the
directors then in office, although less than a quorum. The stockholders are not permitted to fill vacancies between annual meetings. These provisions give incumbent directors significant authority that may have the effect of limiting the ability of
stockholders to effect a change in management.
Advance Notice Requirements for Nomination of Directors and Presentation of New Business at Meetings of
Stockholders; Action by Written Consent
MetLife, Inc.’s by-laws provide for advance notice and other provisions in respect of
stockholder proposals and nominations for director. In addition, pursuant to the provisions of both the certificate of incorporation and the by-laws, stockholder action may not be taken by written consent. Rather, any action taken by the
stockholders must be effected at a duly called meeting. The lead director, the chief executive officer or the secretary pursuant to a board resolution or, under some circumstances, the president or a director who also is an officer, may call a
special meeting. MetLife, Inc.’s by-laws also permit stockholders representing ownership of 25% or more of outstanding shares of common stock to call a special meeting of the stockholders, provided that the stockholders satisfy the requirements
specified in the by-laws. These provisions make it more difficult for a stockholder to place a proposal or nomination on the meeting agenda and prohibit a stockholder from taking action without a meeting, and therefore may reduce the likelihood that
a stockholder will seek to take independent action to replace directors or with respect to other matters that are not supported by management for stockholder vote.
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Limitations on Director Liability
MetLife, Inc.’s certificate of incorporation contains a provision that is designed to limit the directors’ liability to the extent
permitted by the Delaware General Corporation Law and any amendments to that law. Specifically, directors will not be held liable to MetLife, Inc. or its stockholders for monetary damages for an act or omission in their capacity as a director,
except for liability as a result of:
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a breach of the duty of loyalty to MetLife, Inc. or its stockholders;
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acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
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payment of an improper dividend or improper redemption or repurchase of MetLife, Inc.’s stock under Section 174 of the Delaware General Corporation Law; or
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any transaction from which the director received an improper personal benefit.
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The principal effect of the
limitation on liability provision is that a stockholder is unable to prosecute an action for monetary damages against a director of MetLife, Inc. unless the stockholder can demonstrate one of the specified bases for liability. This provision,
however, does not eliminate or limit director liability arising in connection with causes of action brought under the federal securities laws. MetLife, Inc.’s certificate of incorporation also does not eliminate the directors’ duty of
care. The inclusion of the limitation on liability provision in the certificate may, however, discourage or deter stockholders or management from bringing a lawsuit against directors for a breach of their fiduciary duties, even though such an
action, if successful, might otherwise have benefited MetLife, Inc. and its stockholders. This provision should not affect the availability of equitable remedies such as injunction or rescission based upon a director’s breach of the duty of
care.
MetLife, Inc.’s by-laws also provide that MetLife, Inc. shall indemnify its directors and officers to the fullest extent
permitted by Delaware law. MetLife, Inc. is required to indemnify its directors and officers for all judgments, fines, amounts paid in settlement, legal fees and other expenses reasonably incurred in connection with pending or threatened legal
proceedings because of the director’s or officer’s position with MetLife, Inc. or another entity, including Metropolitan Life Insurance Company, that the director or officer serves at MetLife, Inc.’s request, subject to certain
conditions, and to advance funds to MetLife, Inc.’s directors and officers to enable them to defend against such proceedings. To receive indemnification, the director or officer must succeed in the legal proceeding or act in good faith and in a
manner reasonably believed to be in or not opposed to the best interests of MetLife, Inc. and with respect to any criminal action or proceeding, in a manner he or she reasonably believed to be lawful.
Business Combination Statute
In
addition, as a Delaware corporation with a class of voting stock listed on a national securities exchange, MetLife, Inc. is subject to Section 203 of the Delaware General Corporation Law, unless it elects in its certificate of incorporation not
to be governed by the provisions of Section 203. MetLife, Inc. has not made that election. Section 203 can affect the ability of an “interested stockholder” of MetLife, Inc. to engage in certain business combinations, including
mergers, consolidations or acquisitions of additional shares of MetLife, Inc. for a period of three years following the time that the stockholder becomes an “interested stockholder.” An “interested stockholder” is defined to
include any person owning, directly or indirectly, 15% or more of the outstanding voting stock of a corporation. The provisions of Section 203 are not applicable in some circumstances, including those in which (1) the business combination
or transaction which results in the stockholder becoming an “interested stockholder” is approved by the corporation’s board of directors prior to the time the stockholder becomes an “interested stockholder” or (2) the
“interested stockholder,” upon consummation of such transaction, owns at least 85% of the voting stock of the corporation outstanding prior to such transaction.
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Restrictions on Acquisitions of Securities
The insurance laws and regulations of New York, the jurisdiction in which MetLife, Inc.’s principal insurance subsidiary, Metropolitan
Life Insurance Company, is organized, may delay or impede a business combination involving MetLife, Inc. In addition to the limitations described in the immediately preceding paragraph, the New York Insurance Law prohibits any person from acquiring
control of Metropolitan Life Insurance Company, either directly or indirectly through any acquisition of control of MetLife, Inc., without the prior approval of the New York Superintendent of Financial Services. That law presumes that control exists
where any person, directly or indirectly, owns, controls, holds the power to vote or holds proxies representing 10% or more of MetLife, Inc.’s outstanding voting stock, unless the New York Superintendent of Financial Services, upon application,
determines otherwise. Even persons who do not acquire beneficial ownership of more than 10% of the outstanding shares of MetLife, Inc.’s common stock may be deemed to have acquired such control, if the New York Superintendent of Financial
Services determines that such persons, directly or indirectly, exercise a controlling influence over MetLife, Inc.’s management or policies. Therefore, any person seeking to acquire a controlling interest in MetLife, Inc. would face regulatory
obstacles which may delay, deter or prevent an acquisition.
The insurance holding company law and other insurance laws of many other
states also regulate changes of control (generally presumed upon acquisitions of 10% or more of voting securities) of domestic insurers (including insurers owned by MetLife, Inc.) and insurance holding companies such as MetLife, Inc.
MetLife Policyholder Trust
Under a plan
of reorganization adopted in September 1999, Metropolitan Life Insurance Company converted from a mutual life insurance company to a stock life insurance company subsidiary of MetLife, Inc. MetLife established the MetLife Policyholder Trust to hold
the shares of common stock allocated to eligible policyholders. A total of 494,466,664 shares of common stock were distributed to the MetLife Policyholder Trust on the effective date of the plan of reorganization. As of October 31, 2016,
the trust held 164,466,416 shares of MetLife, Inc.’s common stock. Because of the number of shares held by the trust and the voting provisions of the trust, the trust may affect the outcome of matters brought to a stockholder vote.
The trustee will generally vote all of the shares of common stock held in the trust in accordance with the recommendations given by MetLife,
Inc.’s board of directors to its stockholders or, if the board gives no such recommendation, as directed by the board, except on votes regarding certain fundamental corporate actions. As a result of the voting provisions of the trust, MetLife,
Inc.’s board of directors will effectively be able to control votes on all matters submitted to a vote of stockholders, excluding those fundamental corporate actions described below, so long as the trust holds a substantial number of shares of
MetLife, Inc.’s common stock.
If the vote relates to fundamental corporate actions specified in the trust, the trustee will solicit
instructions from the beneficiaries and vote all shares held in the trust in proportion to the instructions it receives, which would give disproportionate weight to the instructions actually given by trust beneficiaries. These actions include:
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an election or removal of directors in which a stockholder has properly nominated one or more candidates in opposition to a nominee or nominees of MetLife, Inc.’s board of directors or a vote on a
stockholder’s proposal to oppose a board nominee for director, remove a director for cause or fill a vacancy caused by the removal of a director by stockholders, subject to certain conditions;
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a merger or consolidation, a sale, lease or exchange of all or substantially all of the assets, or a recapitalization or dissolution of MetLife, Inc., in each case requiring a vote of MetLife, Inc.’s stockholders
under applicable Delaware law;
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any transaction that would result in an exchange or conversion of shares of common stock held by the trust for cash, securities or other property; and
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any proposal requiring MetLife, Inc.’s board of directors to amend or redeem the rights under the stockholder rights plan, other than a proposal with respect to which MetLife, Inc. has received advice of
nationally-recognized legal counsel to the effect that the proposal is not a proper subject for stockholder action under Delaware law.
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DESCRIPTION OF DEPOSITARY SHARES
The following outlines some of the general terms and provisions of the depositary shares. Further terms of the depositary shares and the
applicable deposit agreement will be stated in the applicable prospectus supplement. The following description and any description of the depositary shares in a prospectus supplement may not be complete and is subject to and qualified in its
entirety by reference to the terms and provisions of the deposit agreement, a form of which has been or will be filed as an exhibit to the registration statement of which this prospectus forms a part.
The particular terms of the depositary shares offered by any prospectus supplement and the extent to which the general provisions described
below may apply to such depositary shares will be outlined in the applicable prospectus supplement.
General
MetLife, Inc. may choose to offer fractional interests in debt securities or fractional shares of common stock or preferred stock. MetLife,
Inc. may issue fractional interests in debt securities, common stock or preferred stock, as the case may be, in the form of depositary shares. Each depositary share would represent a fractional interest in a security of a particular series of debt
securities or a fraction of a share of common stock or of a particular series of preferred stock, as the case may be, and would be evidenced by a depositary receipt.
MetLife, Inc. will deposit the debt securities or shares of common stock or preferred stock represented by depositary shares under a deposit
agreement between MetLife, Inc. and a depositary which will be named in the applicable prospectus supplement. Subject to the terms of the deposit agreement, as an owner of a depositary share, you will be entitled, in proportion to the applicable
fraction of a debt security or share of common stock or preferred stock represented by the depositary share, to all the rights and preferences of the debt security, common stock or preferred stock, as the case may be, represented by the depositary
share, including, as the case may be, interest, dividend, voting, conversion, redemption, sinking fund, repayment at maturity, subscription and liquidation rights.
Interest, Dividends and Other Distributions
The depositary will distribute all payments of interest, cash dividends or other cash distributions received on the debt securities, common
stock or preferred stock, as the case may be, to you in proportion to the number of depositary shares that you own. In the event of a distribution other than in cash, the depositary will distribute property received by it to you in an equitable
manner, unless the depositary determines that it is not feasible to make a distribution. In that case, the depositary may sell the property and distribute the net proceeds from the sale to you.
Redemption of Depositary Shares
If a
debt security, common stock or series of preferred stock represented by depositary shares is redeemed, the depositary will redeem your depositary shares from the proceeds received by the depositary resulting from the redemption. The redemption price
per depositary share will be equal to the applicable fraction of the redemption price per debt security or share of common stock or preferred stock, as the case may be, payable in relation to the redeemed series of debt securities, common stock or
preferred stock. Whenever MetLife, Inc. redeems debt securities or shares of common stock or preferred stock held by the depositary, the depositary will redeem, as of the same redemption date, the number of depositary shares representing, as the
case may be, fractional interests in the debt securities or shares of common stock or preferred stock redeemed. If fewer than all the depositary shares are to be redeemed, the depositary shares to be redeemed will be selected by lot, proportionately
or by any other equitable method as the depositary may determine.
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Exercise of Rights under the Indentures or Voting the Common Stock or Preferred
Upon receipt of notice of any meeting at which you are entitled to vote, or of any request for instructions or directions from you as holder of
fractional interests in debt securities, common stock or preferred stock, the depositary will mail to you the information contained in that notice. Each record holder of the depositary shares on the record date will be entitled to instruct the
depositary how to give instructions or directions with respect to the debt securities represented by that holder’s depositary shares or how to vote the amount of the common stock or preferred stock represented by that holder’s depositary
shares. The record date for the depositary shares will be the same date as the record date for the debt securities, common stock or preferred stock, as the case may be. The depositary will endeavor, to the extent practicable, to give instructions or
directions with respect to the debt securities or to vote the amount of the common stock or preferred stock, as the case may be, represented by the depositary shares in accordance with those instructions. MetLife, Inc. will agree to take all
reasonable action which the depositary may deem necessary to enable the depositary to do so. The depositary will abstain from giving instructions or directions with respect to your fractional interests in the debt securities or voting shares of the
common stock or preferred stock, as the case may be, if it does not receive specific instructions from you.
Amendment and Termination of the Deposit
Agreement
MetLife, Inc. and the depositary may amend the form of depositary receipt evidencing the depositary shares and any provision
of the deposit agreement at any time. However, any amendment which materially and adversely affects the rights of the holders of the depositary shares will not be effective unless the amendment has been approved by the holders of at least a majority
of the depositary shares then outstanding.
The deposit agreement will terminate if:
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all outstanding depositary shares have been redeemed;
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if applicable, the debt securities and the preferred stock represented by depositary shares have been converted into or exchanged for common stock or, in the case of debt securities, repaid in full; or
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there has been a final distribution in respect of the common stock or preferred stock, including in connection with the liquidation, dissolution or winding-up of MetLife, Inc., and the distribution proceeds have been
distributed to you.
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Resignation and Removal of Depositary
The depositary may resign at any time by delivering to MetLife, Inc. notice of its election to do so. MetLife, Inc. also may, at any time,
remove the depositary. Any resignation or removal will take effect upon the appointment of a successor depositary and its acceptance of such appointment. MetLife, Inc. must appoint the successor depositary within 60 days after delivery of the
notice of resignation or removal. The successor depositary must be a bank or trust company having its principal office in the United States and having total assets of not less than $1,000,000,000.
Charges of Depositary
MetLife, Inc. will
pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. MetLife, Inc. will pay charges of the depositary in connection with the initial deposit of the debt securities or common
stock or preferred stock, as the case may be, and issuance of depositary receipts, all withdrawals of depositary shares of debt securities or common stock or preferred stock, as the case may be, by you and any repayment or redemption of the debt
securities or preferred stock, as the case may be. You will pay other transfer and other taxes and governmental charges, as well as the other charges that are expressly provided in the deposit agreement to be for your account.
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Miscellaneous
The depositary will forward all reports and communications from MetLife, Inc. which are delivered to the depositary and which MetLife, Inc. is
required or otherwise determines to furnish to holders of debt securities, common stock or preferred stock, as the case may be. Neither MetLife, Inc. nor the depositary will be liable under the deposit agreement to you other than for its gross
negligence, willful misconduct or bad faith. Neither MetLife, Inc. nor the depositary will be obligated to prosecute or defend any legal proceedings relating to any depositary shares, debt securities, common stock or preferred stock unless
satisfactory indemnity is furnished. MetLife, Inc. and the depositary may rely upon written advice of counsel or accountants, or upon information provided by persons presenting debt securities or shares of common stock or preferred stock for
deposit, you or other persons believed to be competent and on documents which MetLife, Inc. and the depositary believe to be genuine.
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DESCRIPTION OF WARRANTS
MetLife, Inc. may issue warrants to purchase debt securities, preferred stock, common stock or other securities described in this prospectus,
or any combination of these securities, and these warrants may be issued independently or together with any underlying securities and may be attached or separate from the underlying securities. MetLife, Inc. will issue each series of warrants under
a separate warrant agreement to be entered into between MetLife, Inc. and a warrant agent. The warrant agent will act solely as MetLife, Inc.’s agent in connection with the warrants of such series and will not assume any obligation or
relationship of agency for or with holders or beneficial owners of warrants.
The following outlines some of the general terms and
provisions of the warrants. Further terms of the warrants and the applicable warrant agreement will be stated in the applicable prospectus supplement. The following description and any description of the warrants in a prospectus supplement may not
be complete and is subject to and qualified in its entirety by reference to the terms and provisions of the warrant agreement, a form of which has been or will be filed as an exhibit to the registration statement of which this prospectus forms a
part.
The applicable prospectus supplement will describe the terms of any warrants that MetLife, Inc. may offer, including the following:
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the title of the warrants;
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the total number of warrants;
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the price or prices at which the warrants will be issued;
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the currency or currencies investors may use to pay for the warrants;
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the designation and terms of the underlying securities purchasable upon exercise of the warrants;
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the price at which and the currency, currencies, or currency units in which investors may purchase the underlying securities purchasable upon exercise of the warrants;
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the date on which the right to exercise the warrants will commence and the date on which the right will expire;
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whether the warrants will be issued in registered form or bearer form;
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information with respect to book-entry procedures, if any;
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if applicable, the minimum or maximum amount of warrants which may be exercised at any one time;
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if applicable, the designation and terms of the underlying securities with which the warrants are issued and the number of warrants issued with each underlying security;
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if applicable, the date on and after which the warrants and the related underlying securities will be separately transferable;
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if applicable, a discussion of material United States federal income tax considerations;
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the identity of the warrant agent;
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the procedures and conditions relating to the exercise of the warrants; and
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any other terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.
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Warrant certificates may be exchanged for new warrant certificates of different denominations, and warrants may be exercised at the warrant
agent’s corporate trust office or any other office indicated in the applicable prospectus supplement. Prior to the exercise of their warrants, holders of warrants exercisable for debt securities will not have any of the rights of holders of the
debt securities purchasable upon such exercise and will not be
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entitled to payments of principal (or premium, if any) or interest, if any, on the debt securities purchasable upon such exercise. Prior to the exercise of their warrants, holders of warrants
exercisable for shares of preferred stock or common stock will not have any rights of holders of the preferred stock or common stock purchasable upon such exercise and will not be entitled to dividend payments, if any, or voting rights of the
preferred stock or common stock purchasable upon such exercise. Prior to the exercise of their warrants, holders of warrants exercisable for other securities described in this prospectus will not have any rights of holders of such securities
purchasable upon such exercise.
Exercise of Warrants
A warrant will entitle the holder to purchase for cash an amount of securities at an exercise price that will be stated in, or that will be
determinable as described in, the applicable prospectus supplement. Warrants may be exercised at any time up to the close of business on the expiration date set forth in the applicable prospectus supplement. After the close of business on the
expiration date, unexercised warrants will become void.
Warrants may be exercised as set forth in the applicable prospectus supplement.
Upon receipt of payment and the warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the prospectus supplement, MetLife, Inc. will, as soon as practicable,
forward the securities purchasable upon such exercise. If less than all of the warrants represented by such warrant certificate is exercised, a new warrant certificate will be issued for the remaining warrants.
Enforceability of Rights; Governing Law
The holders of warrants, without the consent of the warrant agent, may, on their own behalf and for their own benefit, enforce, and may
institute and maintain any suit, action or proceeding against MetLife, Inc. to enforce their rights to exercise and receive the securities purchasable upon exercise of their warrants. Unless otherwise stated in the prospectus supplement, each issue
of warrants and the applicable warrant agreement will be governed by, and construed in accordance with, the internal laws of the State of New York, without regard to its principles of conflicts of laws.
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DESCRIPTION OF PURCHASE CONTRACTS
As may be specified in a prospectus supplement, MetLife, Inc. may issue purchase contracts obligating holders to purchase from MetLife, Inc.,
and MetLife, Inc. to sell to the holders, a number of debt securities, shares of common stock or preferred stock, or other securities described in this prospectus or the applicable prospectus supplement at a future date or dates. The purchase
contracts may require MetLife, Inc. to make periodic payments to the holders of the purchase contracts. These payments may be unsecured or prefunded on some basis to be specified in the applicable prospectus supplement.
The prospectus supplement relating to any purchase contracts will specify the material terms of the purchase contracts and any applicable
pledge or depositary arrangements, including one or more of the following:
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The stated amount that a holder will be obligated to pay under the purchase contract in order to purchase debt securities, common stock, preferred stock, or other securities described in this prospectus or the formula
by which such amount shall be determined.
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The settlement date or dates on which the holder will be obligated to purchase such securities. The prospectus supplement will specify whether the occurrence of any events may cause the settlement date to occur on an
earlier date and the terms on which an early settlement would occur.
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The events, if any, that will cause MetLife, Inc.’s obligations and the obligations of the holder under the purchase contract to terminate.
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The settlement rate, which is a number that, when multiplied by the stated amount of a purchase contract, determines the number of securities that MetLife, Inc. or a trust will be obligated to sell and a holder will be
obligated to purchase under that purchase contract upon payment of the stated amount of that purchase contract. The settlement rate may be determined by the application of a formula specified in the prospectus supplement. If a formula is specified,
it may be based on the market price of such securities over a specified period or it may be based on some other reference statistic.
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Whether the purchase contracts will be issued separately or as part of units consisting of a purchase contract and an underlying security with an aggregate principal amount equal to the stated amount. Any underlying
securities will be pledged by the holder to secure its obligations under a purchase contract.
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The type of underlying security, if any, that is pledged by the holder to secure its obligations under a purchase contract. Underlying securities may be debt securities, common stock, preferred stock, or other
securities described in this prospectus or the applicable prospectus supplement.
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The terms of the pledge arrangement relating to any underlying securities, including the terms on which distributions or payments of interest and principal on any underlying securities will be retained by a collateral
agent, delivered to MetLife, Inc. or be distributed to the holder.
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The amount of the contract fee, if any, that may be payable by MetLife, Inc. to the holder or by the holder to MetLife, Inc., the date or dates on which the contract fee will be payable and the extent to which MetLife,
Inc. or the holder, as applicable, may defer payment of the contract fee on those payment dates. The contract fee may be calculated as a percentage of the stated amount of the purchase contract or otherwise.
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The descriptions of the purchase contracts and any applicable underlying security or pledge or depository arrangements in this prospectus and
in any prospectus supplement are summaries of the material provisions of the applicable agreements and are subject to and qualified in their entirety by reference to the terms and provisions of the purchase contract agreement, pledge agreement and
deposit agreement, forms of which have been or will be filed as exhibits to the registration statement of which this prospectus forms a part.
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DESCRIPTION OF UNITS
As specified in the applicable prospectus supplement, MetLife, Inc. may issue units comprised of one or more of the other securities described
in this prospectus in any combination. Each unit may also include debt obligations of third parties, such as U.S. Treasury securities. Each unit will be issued so that the holder of the unit is also the holder of each security included in the
unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The prospectus supplement will describe:
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the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances the securities comprising the units may be held or transferred separately;
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a description of the terms of any unit agreement governing the units;
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a description of the provisions for the payment, settlement, transfer or exchange of the units; and
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whether the units will be issued in fully registered or global form.
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The descriptions of the
units and any applicable underlying security or pledge or depositary arrangements in this prospectus and in any prospectus supplement are summaries of the material provisions of the applicable agreements and are subject to, and qualified in their
entirety by reference to, the terms and provisions of the applicable agreements, forms of which have been or will be filed as exhibits to the registration statement of which this prospectus forms a part.
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DESCRIPTION OF TRUST PREFERRED SECURITIES
The following outlines some of the general terms and provisions of the trust preferred securities. Further terms of the trust preferred
securities and the amended and restated declarations of trust will be stated in the applicable prospectus supplement. The prospectus supplement will also indicate whether the general terms described in this section apply to that particular series of
trust preferred securities. The following description and any description of the trust preferred securities and amended and restated declarations of trust in a prospectus supplement may not be complete and are subject to and qualified in their
entirety by reference to the terms and provisions of the amended and restated declarations of trust, forms of which have been or will be filed as exhibits to the registration statement of which this prospectus forms a part.
General
Each trust may issue only one
series of trust preferred securities having terms described in the prospectus supplement. The declaration of trust of each trust will authorize the administrative trustees, on behalf of the trust, to issue the trust preferred securities of the
trust. The trusts will use all of the proceeds they receive from the sale of trust preferred securities and common securities to purchase debt securities issued by MetLife, Inc. The debt securities will be held in trust by the trust’s property
trustee for the benefit of the holders of the trust preferred securities and common securities.
The trust preferred securities of each
trust will have such terms as are set forth in the trust’s declaration of trust, including as relates to distributions, redemption, voting, liquidation rights and the other preferred, deferral and special rights and restrictions. A prospectus
supplement relating to the trust preferred securities being offered will include specific terms relating to the offering. These terms will include some or all of the following:
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the distinctive designation of the trust preferred securities;
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the number of trust preferred securities issued by the trust;
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the total and per-security liquidation amount of the trust preferred securities;
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the annual distribution rate, or method of determining such rate, for trust preferred securities of the trust;
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the date or dates on which distributions will be payable and any corresponding record dates;
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whether distributions on the trust preferred securities will be cumulative;
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if the trust preferred securities have cumulative distribution rights, the date or dates, or method of determining the date or dates, from which distributions on the trust preferred securities will be cumulative;
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the amount or amounts that will be paid out of the assets of the trust to the holders of the trust preferred securities of the trust upon voluntary or involuntary dissolution, winding-up or termination of the trust;
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the obligation, if any, of the trust to purchase or redeem the trust preferred securities;
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if the trust is to purchase or redeem the trust preferred securities:
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the price or prices at which the trust preferred securities will be purchased or redeemed in whole or in part;
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the period or periods within which the trust preferred securities will be purchased or redeemed, in whole or in part;
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the terms and conditions upon which the trust preferred securities will be purchased or redeemed, in whole or in part;
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the voting rights, if any, of the trust preferred securities in addition to those required by law, including:
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the number of votes per trust preferred security; and
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any requirement for the approval by the holders of trust preferred securities as a condition to specified action or amendments to the trust’s declaration of trust;
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the rights, if any, to defer distributions on the trust preferred securities by extending the interest payment period on the related debt securities;
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if the trust preferred securities may be converted into or exercised or exchanged for MetLife’s common stock or preferred stock or any other securities, the terms on which conversion, exercise or exchange is
mandatory, at the option of the holder or at the option of each trust, the date on or the period during which conversion, exercise or exchange may occur, the initial conversion, exercise or exchange price or rate and the circumstances or manner in
which the amount of common stock or preferred stock or other securities issuable upon conversion, exercise or exchange may be adjusted;
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the terms upon which the debt securities may be distributed to holders of trust preferred securities;
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whether the preferred securities are to be issued in book-entry form and represented by one or more global certificates;
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certain material U.S. federal income tax considerations;
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if applicable, any securities exchange upon which the trust preferred securities shall be listed;
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provisions relating to events of default and the rights of holders of trust preferred securities in the event of default;
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other agreements or other rights including upon the consolidation or merger of the trust; and
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any other relative rights, preferences, privileges, limitations or restrictions of the trust preferred securities not inconsistent with the trust’s declaration of trust or applicable law.
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All trust preferred securities offered will be guaranteed by MetLife, Inc. to the extent set forth under “Description of
Guarantees.” Certain material U.S. federal income tax considerations applicable to an offering of trust preferred securities will be described in the applicable prospectus supplement.
In connection with the issuance of trust preferred securities, each trust will issue one series of common securities. The declaration of each
trust authorizes the administrative trustees to issue on behalf of such trust one series of common securities having such terms including distributions, redemption, voting, liquidation rights or such restrictions as shall be set forth therein. The
terms of the common securities issued by the trust will be substantially identical to the terms of the trust preferred securities and the common securities will rank equally, and payments will be made thereon
pro rata
, with the trust
preferred securities. However, upon an event of default under the declaration of trust, the rights of the holders of the common securities to payment in respect of distributions and payments upon liquidation, redemption and otherwise will be
subordinated to the rights of the holders of the trust preferred securities. Except in certain limited circumstances, the common securities will also carry the right to vote, and appoint, remove or replace any of the trustees of a trust. MetLife,
Inc. will own, directly or indirectly, all of the common securities of each trust.
Enforcement of Certain Rights by Holders of Trust Preferred
Securities
If an event of default occurs, and is continuing, under the declaration of trust of any of the trusts, the holders of the
related trust preferred securities would typically rely on the property trustee to enforce its rights as a holder of the related debt securities against MetLife, Inc. Additionally, those who together hold a majority of the liquidation amount of the
trust preferred securities will have the right to:
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direct the time, method and place of conducting any proceeding for any remedy available to the property trustee; or
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direct the exercise of any trust or power that the property trustee holds under the declaration of trust, including the right to direct the property trustee to exercise the remedies available to it as a holder of
MetLife, Inc.’s debt securities.
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If the property trustee fails to enforce its rights under the applicable series of debt
securities, to the fullest extent permitted by law, a holder of trust preferred securities of such trust may institute a legal proceeding directly against MetLife, Inc. to enforce the property trustee’s rights under the applicable series of
debt securities without first instituting any legal proceeding against the property trustee or any other person or entity.
Notwithstanding the foregoing, if an event of default occurs and the event is attributable to MetLife, Inc.’s failure to pay interest or
principal on the debt securities when due, including any payment on redemption, and this debt payment failure is continuing, a trust preferred securities holder of the trust may directly institute a proceeding for the enforcement of this payment.
Such a proceeding will be limited, however, to enforcing the payment of this principal or interest only up to the value of the aggregate liquidation amount of the holder’s trust preferred securities as determined after the due date specified in
the applicable series of debt securities.
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DESCRIPTION OF GUARANTEES
The following outlines some of the general terms and provisions of the guarantees. Further terms of the guarantees will be stated in the
applicable prospectus supplement. The prospectus supplement will also indicate whether the general terms described in this section apply to those guarantees. The following description and any description of the guarantees in a prospectus supplement
may not be complete and is subject to and qualified in its entirety by reference to the terms and provisions of the guarantee agreements, forms of which have been or will be filed as exhibits to the registration statement of which this prospectus
forms a part, and the Trust Indenture Act.
MetLife, Inc. will execute and deliver the guarantees for the benefit of the holders of the
trust preferred securities. Each guarantee will be held by the guarantee trustee for the benefit of holders of the trust preferred securities to which it relates.
Each guarantee will be qualified as an indenture under the Trust Indenture Act. The Bank of New York Mellon Trust Company, N.A. will
act as indenture trustee under each guarantee for purposes of the Trust Indenture Act.
General
Pursuant to each guarantee, MetLife, Inc. will irrevocably and unconditionally agree, to the extent set forth in the guarantee, to pay in full,
to the holders of the related trust preferred securities, the following guarantee payments, to the extent these guarantee payments are not paid by, or on behalf of, the related trust, regardless of any defense, right of set-off or counterclaim that
MetLife, Inc. may have or assert against any person:
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any accrued and unpaid distributions required to be paid on the trust preferred securities of the trust, but if and only if and to the extent that the trust has funds legally and immediately available to make those
payments;
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any distributions of MetLife, Inc.’s common stock or preferred stock or any of its other securities, in the event that the trust preferred securities may be converted into or exercised for common stock or preferred
stock, to the extent the conditions of such conversion or exercise have occurred or have been satisfied and the trust does not distribute such shares or other securities but has received such shares or other securities;
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the redemption price, including all accrued and unpaid distributions to the date of redemption, with respect to any trust preferred securities called for redemption by the trust, but if and only to the extent the trust
has funds legally and immediately available to make that payment; and
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upon a dissolution, winding-up or termination of the trust, other than in connection with the distribution of debt securities to the holders of trust preferred securities of the trust, the lesser of:
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the total of the liquidation amount and all accrued and unpaid distributions on the trust preferred securities of the trust to the date of payment, to the extent the trust has funds legally and immediately available to
make that payment; and
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the amount of assets of the trust remaining available for distribution to holders of trust preferred securities of the trust in liquidation of the trust.
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MetLife, Inc. may satisfy its obligation to make a guarantee payment by directly paying the required amounts to the holders of the related
trust preferred securities or by causing the related trust to pay such amounts to such holders.
Each guarantee will constitute a
guarantee of payments with respect to the related trust preferred securities from the time of issuance of the trust preferred securities. The guarantees will not apply to the payment of distributions and other payments on the trust preferred
securities when the related trust does not have sufficient
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funds legally and immediately available to make the distributions or other payments. If MetLife, Inc. does not make interest payments on the debt securities purchased by a trust, such trust will
not pay distributions on the related trust preferred securities and will not have funds available therefor. The guarantee, when taken together with MetLife, Inc.’s obligations under the debt securities, the Indentures and the declarations of
trust, will provide a full and unconditional guarantee by MetLife, Inc. of payments due on the trust preferred securities.
MetLife, Inc.
will also agree separately, through guarantees of the common securities, to irrevocably and unconditionally guarantee the obligations of the trusts with respect to the common securities to the same extent as the guarantees of the trust preferred
securities. However, upon an event of default under the Indentures, holders of trust preferred securities shall have priority over holders of common securities with respect to distributions and payments on liquidation, redemption or otherwise.
Subordination
MetLife, Inc.’s
obligation under each guarantee to make the guarantee payments will be an unsecured obligation of MetLife, Inc. and, if subordinated debt securities are issued to the applicable trust and unless otherwise noted in the prospectus supplement, will
rank:
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subordinate and junior in right of payment to all of MetLife, Inc.’s other liabilities, including the subordinated debt securities, except those obligations or liabilities ranking equal or subordinate to the
guarantees by their terms;
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equally with any other securities, liabilities or obligations that may have equal ranking by their terms; and
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senior to all of MetLife, Inc.’s common stock and preferred stock.
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If subordinated debt
securities are issued to the applicable trust, the terms of the trust preferred securities will provide that each holder of trust preferred securities, by accepting the trust preferred securities, agrees to the subordination provisions and other
terms of the guarantee related to subordination.
Each guarantee will constitute a guarantee of payment and not of collection. This means
that the holder of trust preferred securities may institute a legal proceeding directly against MetLife, Inc. to enforce its rights under the guarantee without first instituting a legal proceeding against any other person or entity.
Each guarantee will be unsecured and, because MetLife, Inc. is principally a holding company, will be effectively subordinated to all existing
and future liabilities of MetLife, Inc.’s subsidiaries, including liabilities under contracts of insurance and annuities written by MetLife, Inc.’s insurance subsidiaries. The guarantee does not limit the incurrence or issuance of other
secured or unsecured debt by MetLife, Inc.
Amendments and Assignment
For any changes that materially and adversely affect the rights of holders of the related trust preferred securities, each guarantee may be
amended only if there is prior approval of the holders of more than 50% in liquidation amount of the outstanding trust preferred securities issued by the applicable trust. All guarantees and agreements contained in each guarantee will bind the
successors, assigns, receivers, trustees and representatives of MetLife, Inc. and will inure to the benefit of the holders of the related trust preferred securities of the applicable trust then outstanding.
Termination
Each guarantee will
terminate and will have no further force and effect as to the related trust preferred securities upon:
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|
•
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|
distribution of debt securities to the holders of all trust preferred securities of the applicable trust; or
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|
•
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|
full payment of the amounts payable upon liquidation of the applicable trust.
|
36
Each guarantee will continue to be effective or will be reinstated, as the case may be, if at any
time any holder of the related trust preferred securities must restore payment of any sums paid with respect to the trust preferred securities or under the guarantee.
Events of Default
Each guarantee
provides that an event of default under a guarantee occurs upon MetLife, Inc.’s failure to perform any of its obligations under the applicable guarantee.
The holders of a majority or more in liquidation amount of the trust preferred securities to which any guarantee relates may direct the time,
method and place of conducting any proceeding for any remedy available to the guarantee trustee with respect to the guarantee or may direct the exercise of any trust or power conferred upon the guarantee trustee in respect of the guarantee.
If the guarantee trustee fails to enforce the guarantee, any holder of the related trust preferred securities may institute a legal proceeding
directly against MetLife, Inc. to enforce the holder’s rights under such guarantee without first instituting a legal proceeding against the trust, the guarantee trustee or any other person or entity.
Furthermore, if MetLife, Inc. fails to make a guarantee payment, a holder of trust preferred securities may directly institute a proceeding
against MetLife, Inc. for enforcement of the trust preferred securities guarantee for such payment.
The holders of a majority or more in
liquidation amount of trust preferred securities of any series may, by vote, on behalf of the holders of all the trust preferred securities of the series, waive any past event of default and its consequences.
Information Concerning the Guarantee Trustee
Prior to an event of default with respect to any guarantee and after the curing or waiving of all events of default with respect to the
guarantee, the guarantee trustee may perform only the duties that are specifically set forth in the guarantee.
Once a guarantee event of
default has occurred and is continuing, the guarantee trustee is to exercise, with respect to the holder of the trust preferred securities of the series, the same degree of care as a prudent individual would exercise in the conduct of his or her own
affairs. Unless the guarantee trustee is offered reasonable indemnity against the costs, expenses and liabilities which may be incurred by the guarantee trustee by a holder of the related trust preferred securities, the guarantee trustee is not
required to exercise any of its powers under any guarantee at the request of the holder. Additionally, the guarantee trustee is not required to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties
if the guarantee trustee reasonably believes that it is not assured repayment or adequate indemnity.
The guarantee trustee is The Bank of
New York Mellon Trust Company, N.A., which is one of a number of banks and trust companies with which MetLife, Inc. and its subsidiaries maintain ordinary banking and trust relationships.
Governing Law
Each guarantee will be
governed by, and construed in accordance with, the internal laws of the State of New York, without regard to its principles of conflicts of laws.
37
PLAN OF DISTRIBUTION
MetLife, Inc. may sell the securities being offered hereby in one or more of the following ways from time to time:
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•
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to underwriters or dealers for resale to the public or to institutional investors;
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•
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directly to institutional investors; or
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•
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through agents to the public or to institutional investors.
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The prospectus supplement with
respect to each series of securities will state the terms of the offering of the securities, including:
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•
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the name or names of any underwriters or agents;
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•
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the purchase price of the securities and the proceeds to be received by MetLife, Inc. or the applicable trust from the sale;
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•
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any underwriting discounts or agency fees and other items constituting underwriters’ or agents’ compensation;
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•
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any initial public offering price;
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•
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any discounts or concessions allowed or reallowed or paid to dealers; and
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•
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any securities exchange on which the securities may be listed.
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If MetLife, Inc. or the trusts
use underwriters in the sale, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more transactions, including:
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•
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negotiated transactions;
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•
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at a fixed public offering price or prices, which may be changed;
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•
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at market prices prevailing at the time of sale;
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•
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at prices related to prevailing market prices; or
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The securities may also be offered and sold, if so indicated in the
prospectus supplement, in connection with a remarketing upon their purchase, in accordance with a redemption or repayment pursuant to their terms, or otherwise, by one or more remarketing firms, acting as principals for their own accounts or as
agents for MetLife, Inc. or the trusts. The prospectus supplement will identify any remarketing firm and will describe the terms of its agreement, if any, with MetLife, Inc. or the trusts and its compensation.
Unless otherwise stated in a prospectus supplement, the obligations of the underwriters to purchase any securities will be conditioned on
customary closing conditions and the underwriters will be obligated to purchase all of such series of securities, if any are purchased.
If MetLife, Inc. sells the securities directly or through agents designated by it, MetLife, Inc. will identify any agent involved in the
offering and sale of the securities and will list any commissions payable by MetLife, Inc. to the agent in the accompanying prospectus supplement. Unless indicated otherwise in the prospectus supplement, any such agent will be acting on a best
efforts basis to solicit purchases for the period of its appointment.
MetLife, Inc. may authorize agents, underwriters or dealers to
solicit offers by certain institutional investors to purchase securities and provide for payment and delivery on a future date specified in an accompanying prospectus supplement. MetLife, Inc. will describe any such arrangement in the prospectus
supplement. Any
38
such institutional investor may be subject to limitations on the minimum amount of securities that it may purchase or on the portion of the aggregate principal amount of such securities that it
may sell under such arrangements. Institutional investors from which such authorized offers may be solicited include:
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•
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commercial and savings banks;
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•
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educational and charitable institutions; and
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•
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such other institutions as MetLife, Inc. may approve.
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Underwriters, dealers, agents and
remarketing firms may be entitled under agreements entered into with MetLife, Inc. and/or the applicable trust, or both, to indemnification by MetLife, Inc. against certain civil liabilities, including liabilities under the Securities Act, or to
contribution with respect to payments which the underwriters, dealers, agents and remarketing firms may be required to make. Underwriters, dealers, agents and remarketing agents may be customers of, engage in transactions with, or perform services
for MetLife, Inc., any trust, and/or MetLife, Inc.’s affiliates in the ordinary course of business.
Each series of securities will
be a new issue of securities and will have no established trading market other than the common stock which is listed on the New York Stock Exchange. Any common stock sold will be listed on the New York Stock Exchange, upon official notice of
issuance. The securities, other than the common stock, may or may not be listed on a national securities exchange. Any underwriters to whom securities are sold by MetLife, Inc. or any trust for public offering and sale may make a market in the
securities, but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice.
Any
offering of trust preferred securities will be made in compliance with Rule 2310 of the Financial Industry Regulatory Authority, Inc.
LEGAL OPINIONS
Unless otherwise indicated in the applicable prospectus supplement, the validity of the securities offered hereby will be passed upon for
MetLife, Inc. by Stephen Gauster, Chief Counsel — General Corporate, of MetLife Group, Inc., an affiliate of MetLife, Inc. Mr. Gauster is paid a salary by an affiliate of MetLife, Inc., is a participant in various employee
benefit plans offered by MetLife, Inc. and its affiliates to employees generally, is paid equity-based compensation in accordance with MetLife’s compensation programs and owns MetLife, Inc. common stock. Certain matters of Delaware law relating
to the validity of the trust preferred securities of MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and MetLife Capital Trust IX will be passed upon for the trust by
Richards, Layton & Finger, P.A., Wilmington, Delaware, special Delaware counsel for the trusts.
EXPERTS
The consolidated financial statements and the related financial statement schedules incorporated in this prospectus by reference from MetLife,
Inc.’s Annual Report on Form 10-K, as revised by MetLife, Inc.’s Current Report on Form 8-K filed on November 18, 2016, and the effectiveness of MetLife’s internal control over financial reporting for the year ended December 31, 2015,
have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their reports (which express an unqualified opinion on the consolidated financial statements and financial statement schedules and express
an unqualified opinion on MetLife’s effectiveness of internal control over financial reporting), which are incorporated herein by reference. Such consolidated financial statements and financial statement schedules have been so incorporated in
reliance upon the reports of such firm given upon their authority as experts in accounting and auditing.
39
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
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Item 14.
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Other Expenses of Issuance and Distribution.
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The following table sets
forth those fees and expenses (other than underwriting discounts and commissions) expected to be incurred by MetLife, Inc. in connection with the issuance and distribution of the securities being registered. Except for the Securities and Exchange
Commission registration fee, all amounts shown are estimates.
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Securities and Exchange Commission registration fee
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$
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*
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Trustee’s fees and expenses
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**
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Printing and engraving fees and expenses
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**
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Accounting fees and expenses
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**
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Legal fees and expenses
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**
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Rating agencies’ fees
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**
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Miscellaneous
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**
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Total
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$
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**
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*
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Deferred in accordance with Rule 456(b) and Rule 457(r) under the Securities Act.
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**
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Estimated fees and expenses are not presently known and will be reflected in the applicable prospectus supplement.
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Item 15.
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Indemnification of Directors and Officers.
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MetLife, Inc.’s directors
and officers may be indemnified against liabilities, fines, penalties and claims imposed upon or asserted against them as provided in the Delaware General Corporation Law and MetLife, Inc.’s Amended and Restated Certificate of Incorporation, as
amended, and Amended and Restated By-Laws, and (in the case of MetLife, Inc.’s directors) the MetLife, Inc. Director Indemnity Plan. Such indemnification covers all costs and expenses incurred by a director or officer in his capacity as such.
The board of directors, by a majority vote of a quorum of disinterested directors or, under certain circumstances, independent counsel appointed by the board of directors, must determine that the director or officer seeking indemnification was not
guilty of willful misconduct or a knowing violation of the criminal law. In addition, the Delaware General Corporation Law and MetLife, Inc.’s Amended and Restated Certificate of Incorporation, as amended, may, under certain circumstances,
eliminate the liability of directors and officers in a stockholder or derivative proceeding.
If the person involved is not a director or
officer of MetLife, Inc., the board of directors may cause MetLife, Inc. to indemnify, to the same extent allowed for MetLife, Inc.’s directors and officers, such person who was or is a party to a proceeding by reason of the fact that he is or
was MetLife, Inc.’s employee or agent, or is or was serving at MetLife, Inc.’s request as director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.
MetLife, Inc. has in force and effect policies insuring its directors and officers against losses which they or any of them will become
legally obligated to pay by reason of any actual or alleged error or misstatement or misleading statement or act or omission or neglect or breach of duty by the directors and officers in the discharge of their duties, individually or collectively,
or any matter claimed against them solely by reason of their being directors or officers. Such coverage is limited by the specific terms and provisions of the insurance policies.
Pursuant to the form of underwriting agreement to be filed as an exhibit to this registration statement, the underwriters will agree to
indemnify directors and officers of MetLife, Inc. and persons controlling MetLife, Inc., within the meaning of the Securities Act, against certain liabilities that might arise out of, or are based upon, certain information furnished to MetLife, Inc.
by any such underwriter.
II-1
The forms of amended and restated declarations of trust of each of the trusts provide that no
trustee, affiliate of any trustee or any officers, directors, stockholders, members, partners, employees, representatives or agents of any trustee or any employee or agent of any of the trusts or their affiliates, each referred to as an indemnified
person, shall be liable, responsible or accountable in damages or otherwise to any of the trusts or to any employee or agent of any of the trusts or their affiliates or any officers, directors, stockholders, partners, members, employees,
representatives or agents of MetLife, Inc. or its affiliates, or to any holders of trust securities of any of the trusts for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such indemnified person in good
faith on behalf of any of the trusts and in a manner such indemnified person reasonably believed to be within the scope of the authority conferred on such indemnified person by the applicable declaration of trust or by law, except that an
indemnified person shall be liable for any such loss, damage or claim incurred by reason of such indemnified person’s gross negligence (or, in the case of the property trustee or Delaware trustee of any of the trusts, negligence) or willful
misconduct with respect to such acts or omissions. The forms of amended and restated declarations of trust also provide that, to the fullest extent permitted by applicable law, MetLife, Inc. shall indemnify and hold harmless each indemnified person
from and against any loss, damage or claim incurred by such indemnified person by reason of any act or omission performed or omitted by such indemnified person in good faith on behalf of any of the trusts and in a manner such indemnified person
reasonably believed to be in or not opposed to the best interests of any of the trusts, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful, except that no indemnified person shall be
entitled to be indemnified in respect of any loss, damage or claim incurred by such indemnified person by reason of gross negligence (or, in the case of the property trustee or Delaware trustee of any of the trusts, negligence) or willful misconduct
with respect to such acts or omissions. Each form of amended and restated declaration of trust further provides that to the fullest extent permitted by applicable law, expenses (including legal fees) incurred by an indemnified person in defending
any claim, demand, action, suit, or the final disposition of such claim, demand, action, suit or proceedings shall, from time to time, be advanced by MetLife, Inc. prior to the final disposition of such claim, demand, action, suit or proceeding upon
receipt by MetLife, Inc. of an undertaking by or on behalf of the indemnified person to repay such amount if it shall be determined that the indemnified person is not entitled to be indemnified pursuant to the applicable declaration of trust.
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Item 16.
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List of Exhibits.
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The Exhibits to this registration statement are listed
in the Index to Exhibits which follows the signature pages to this registration statement and is herein incorporated by reference.
The undersigned Registrants hereby undertake:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration
statement: (i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; (ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the
effective registration statement; and (iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement; provided, however, that paragraphs 1(i), 1(ii) and 1(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the
Commission by the registrants pursuant to Section 13 or
II-2
Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to
Rule 424(b) that is part of the registration statement.
(2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(4) That, for the purpose of
determining liability under the Securities Act of 1933 to any purchaser:
(i) Each prospectus filed by a Registrant
pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of the registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed
to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer and any person that is at the date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration
statement to which the prospectus relates, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof;
provided, however
, that no statement made in a registration statement or prospectus that
is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of
sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.
(5) That, for the purpose of determining liability of a Registrant under the Securities Act of 1933 to any purchaser in
the initial distribution of the securities, each undersigned Registrant undertakes that in a primary offering of securities of such undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, such undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such
securities to such purchaser:
(i) Any preliminary prospectus or prospectus of such undersigned Registrant relating to
the offering required to be filed pursuant to Rule 424;
(ii) Any free writing prospectus relating to the
offering prepared by or on behalf of such undersigned Registrant or used or referred to by such undersigned Registrant;
(iii) The portion of any other free writing prospectus relating to the offering containing material information about such
undersigned Registrant or its securities provided by or on behalf of such undersigned Registrant; and
(iv) Any
other communication that is an offer made by such undersigned Registrant to the purchaser.
(6) That, for the purposes
of determining any liability under the Securities Act of 1933, each filing of MetLife, Inc.’s annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
benefit plan’s annual report pursuant to Section 15(d) of
II-3
the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(7) To file an application for the purpose of determining the eligibility of the trustee to act under subsection (a)
of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of each Registrant pursuant to the foregoing provisions, or otherwise, each Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by a Registrant of expenses incurred or paid by a director, officer or controlling person of the
registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, that Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, MetLife, Inc. certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on November 18, 2016.
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M
ET
L
IFE
, I
NC
.
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By:
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/s/ Peter M. Carlson
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Name:
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Peter M. Carlson
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Title:
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Executive Vice President and
Chief
Accounting Officer
(Authorized Signatory and Principal Accounting Officer)
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II-5
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned hereby constitutes and appoints Ricardo A. Anzaldua, Executive Vice President and
General Counsel, John C.R. Hele, Executive Vice President and Chief Financial Officer, and John McCallion, Executive Vice President and Treasurer, or any of them and their respective successors from time to time in the offices of General Counsel,
Chief Financial Officer, or Treasurer, as the case may be, as such person’s true and lawful attorney-in-fact and agent for such person and in such person’s name, place and stead, in any and all capacities, to sign individually and not
collectively, (i) any and all amendments to this Registration Statement on Form S-3, including post-effective amendments, and any and all Registration Statements filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and to
file each or any of the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, and (ii) any and all other instruments which any of such attorneys-in-fact and agents deems
necessary or advisable to comply with the Securities Act of 1933, as amended, the rules, regulations, and requirements of the Securities and Exchange Commission and Blue Sky or other state securities laws and regulations, and does hereby grant unto
each such attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as such person might or could do in
person, hereby ratifying and confirming all that each said attorney-in-fact and agent, or any substitute therefor, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated.
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Signature
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Title
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Date
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/s/ Cheryl W. Grisé
Cheryl W. Grisé
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Director
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November 18, 2016
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/s/ Carlos M. Gutierrez
Carlos M. Gutierrez
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Director
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November 18, 2016
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/s/ David L. Herzog
David L. Herzog
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Director
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November 18, 2016
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/s/ R. Glenn Hubbard
R. Glenn Hubbard
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Director
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November 18, 2016
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/s/ Alfred F. Kelly, Jr.
Alfred F. Kelly, Jr.
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Director
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November 18, 2016
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/s/ Edward J. Kelly, III
Edward J. Kelly, III
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Director
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November 18, 2016
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/s/ William E. Kennard
William E. Kennard
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Director
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November 18, 2016
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/s/ James M. Kilts
James M. Kilts
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Director
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November 18, 2016
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/s/ Catherine R. Kinney
Catherine R. Kinney
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Director
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November 18, 2016
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/s/ Denise M. Morrison
Denise M. Morrison
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Director
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November 18, 2016
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/s/ Kenton J. Sicchitano
Kenton J. Sicchitano
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Director
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November 18, 2016
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/s/ Lulu C. Wang
Lulu C. Wang
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Director
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November 18, 2016
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II-6
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Signature
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Title
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Date
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/s/ Steven A. Kandarian
Steven A. Kandarian
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Chairman, President and
Chief Executive Officer
(Principal
Executive Officer)
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November 18, 2016
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/s/ John C.R. Hele
John C.R. Hele
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Executive Vice President and Chief
Financial Officer
(Principal
Financial Officer)
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November 18, 2016
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/s/ Peter M. Carlson
Peter M. Carlson
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Executive Vice President and
Chief Accounting Officer
(Principal Accounting Officer)
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November 18, 2016
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II-7
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital
Trust VII, MetLife Capital Trust VIII and MetLife Capital Trust IX each certify that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York on November 18, 2016.
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MetLife Capital Trust V
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By: MetLife, Inc.,
as
sponsor
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By:
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/s/ Peter M. Carlson
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Name:
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Peter M. Carlson
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Title:
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Executive Vice President and
Chief
Accounting Officer
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(Authorized Signatory and Principal
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Accounting Officer)
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MetLife Capital Trust VI
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By: MetLife, Inc.,
as
sponsor
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By:
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/s/ Peter M. Carlson
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Name:
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Peter M. Carlson
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Title:
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Executive Vice President and
Chief
Accounting Officer
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(Authorized Signatory and Principal
|
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|
|
|
|
Accounting Officer)
|
|
|
|
MetLife Capital Trust VII
|
|
|
|
By: MetLife, Inc.,
as
sponsor
|
|
|
|
|
By:
|
|
/s/ Peter M. Carlson
|
|
|
|
Name:
|
|
Peter M. Carlson
|
|
|
|
Title:
|
|
Executive Vice President and
Chief
Accounting Officer
|
|
|
|
|
|
(Authorized Signatory and Principal
|
|
|
|
|
|
Accounting Officer)
|
|
|
|
MetLife Capital Trust VIII
|
|
|
|
By: MetLife, Inc.,
as
sponsor
|
|
|
|
|
By:
|
|
/s/ Peter M. Carlson
|
|
|
|
Name:
|
|
Peter M. Carlson
|
|
|
|
Title:
|
|
Executive Vice President and
Chief
Accounting Officer
|
|
|
|
|
|
(Authorized Signatory and Principal
|
|
|
|
|
|
Accounting Officer)
|
II-8
|
|
|
|
|
|
|
MetLife Capital Trust IX
|
|
|
|
By: MetLife, Inc.,
as
sponsor
|
|
|
|
|
By:
|
|
/s/ Peter M. Carlson
|
|
|
|
Name:
|
|
Peter M. Carlson
|
|
|
|
Title:
|
|
Executive Vice President and
Chief
Accounting Officer
|
|
|
|
|
|
(Authorized Signatory and Principal
|
|
|
|
|
|
Accounting Officer)
|
II-9
EXHIBIT INDEX
|
|
|
|
|
Exhibit
|
|
Description
|
|
|
|
|
1.1
|
|
Form of Underwriting Agreement for Debt Securities.*
|
|
|
|
|
1.2
|
|
Form of Underwriting Agreement for Preferred Stock.*
|
|
|
|
|
1.3
|
|
Form of Underwriting Agreement for Common Stock.*
|
|
|
|
|
1.4
|
|
Form of Underwriting Agreement for Warrants.*
|
|
|
|
|
1.5
|
|
Form of Underwriting Agreement for Purchase Contracts.*
|
|
|
|
|
1.6
|
|
Form of Underwriting Agreement for Units.*
|
|
|
|
|
1.7
|
|
Form of Underwriting Agreement for Trust Preferred Securities and related Guarantees.*
|
|
|
|
|
2.1
|
|
Plan of Reorganization. (Incorporated by reference to Exhibit 2.1 to MetLife, Inc.’s Registration Statement on Form S-1 (No. 333-91517) (the “S-1 Registration Statement”)).
|
|
|
|
|
2.2
|
|
Amendment to Plan of Reorganization dated as of March 9, 2000. (Incorporated by reference to Exhibit 2.2 to the S-1 Registration Statement).
|
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation of MetLife, Inc. (Incorporated by reference to Exhibit 3.1 to MetLife, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 (the “2011 Annual
Report”)).
|
|
|
|
|
3.2
|
|
Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of MetLife, Inc., filed with the Secretary of State of Delaware on April 7, 2000. (Incorporated by reference to Exhibit 3.2 to
the 2011 Annual Report).
|
|
|
|
|
3.3
|
|
Certificate of Designations of Floating Rate Non-Cumulative Preferred Stock, Series A, of MetLife, Inc., filed with the Secretary of State of Delaware on June 10, 2005. (Incorporated by reference to Exhibit 3.3 to the 2011
Annual Report).
|
|
|
|
|
3.4
|
|
Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated April 29, 2011. (Incorporated by reference to Exhibit 3.6 to the 2011 Annual Report).
|
|
|
|
|
3.5
|
|
Certificate of Retirement of Series B Contingent Convertible Junior Participating Non-Cumulative Perpetual Preferred Stock of MetLife, Inc., filed with the Secretary of State of Delaware on November 5, 2013. (Incorporated by
reference to Exhibit 3.6 to MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013).
|
|
|
|
|
3.6
|
|
Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated April 29, 2015. (Incorporated by reference to Exhibit 3.1 to MetLife, Inc.’s Current Report on Form 8-K dated April 30,
2015).
|
|
|
|
|
3.7
|
|
Certificate of Designations of 5.250% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, of MetLife, Inc., filed with the Secretary of State of Delaware on May 28, 2015. (Incorporated by reference to Exhibit 3.1
to MetLife, Inc.’s Current Report on Form 8-K dated May 28, 2015).
|
|
|
|
|
3.8
|
|
Certificate of Elimination of 6.500% Non-Cumulative Preferred Stock, Series B, of MetLife, Inc., filed with the Secretary of State of Delaware on November 3, 2015. (Incorporated by reference to Exhibit 3.7 to MetLife, Inc.’s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2015).
|
|
|
|
|
3.9
|
|
Amended and Restated By-Laws of MetLife, Inc., effective September 27, 2016. (Incorporated by reference to Exhibit 3.2 to MetLife, Inc.’s Current Report on Form 8-K dated September 29, 2016).
|
|
|
|
|
4.1(a)
|
|
Indenture, dated as of November 9, 2001, between MetLife, Inc. and The Bank of New York Mellon Trust Company, N.A. (as successor in interest to J.P. Morgan Trust Company, National Association (as successor to Bank One Trust
Company, N.A.)), as trustee, relating to Senior Debt Securities. (Incorporated by reference to Exhibit 4.1(a) to the 2011 Annual Report).
|
|
|
|
|
|
Exhibit
|
|
Description
|
|
|
|
|
4.1(b)
|
|
Form of Indenture for Senior Debt Securities between MetLife, Inc. and one or more banking institutions to be qualified as Trustee pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939. (Incorporated by reference to
Exhibit 4.1(a), except for the name of the trustee).
|
|
|
|
|
4.2(a)
|
|
Indenture, dated as of June 21, 2005, between MetLife, Inc. and The Bank of New York Mellon Trust Company, N.A. (as successor in interest to J.P. Morgan Trust Company, National Association), as trustee, relating to Subordinated
Debt Securities (the “Subordinated Indenture”). (Incorporated by reference to Exhibit 4.41(a) to MetLife, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010).
|
|
|
|
|
4.2(b)
|
|
Form of Indenture for Subordinated Debt Securities between MetLife, Inc. and one or more banking institutions to be qualified as Trustee pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939. (Incorporated by reference to
Exhibit 4.2(a), except for the name of the trustee).
|
|
|
|
|
4.3
|
|
Certificate of Trust of MetLife Capital Trust V.**
|
|
|
|
|
4.4
|
|
Certificate of Trust of MetLife Capital Trust VI.**
|
|
|
|
|
4.5
|
|
Certificate of Trust of MetLife Capital Trust VII.**
|
|
|
|
|
4.6
|
|
Certificate of Trust of MetLife Capital Trust VIII.**
|
|
|
|
|
4.7
|
|
Certificate of Trust of MetLife Capital Trust IX.**
|
|
|
|
|
4.8
|
|
Declaration of Trust of MetLife Capital Trust V.**
|
|
|
|
|
4.9
|
|
Declaration of Trust of MetLife Capital Trust VI.**
|
|
|
|
|
4.10
|
|
Declaration of Trust of MetLife Capital Trust VII.**
|
|
|
|
|
4.11
|
|
Declaration of Trust of MetLife Capital Trust VIII.**
|
|
|
|
|
4.12
|
|
Declaration of Trust of MetLife Capital Trust IX.**
|
|
|
|
|
4.13
|
|
Form of Amended and Restated Declaration of Trust (substantially identical, except for names and dates, for MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII
and MetLife Capital Trust IX).**
|
|
|
|
|
4.14
|
|
Form of Trust Preferred Security Certificate (substantially identical, except for names and dates, for MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII
and MetLife Capital Trust IX) (Included in Exhibit 4.13).
|
|
|
|
|
4.15
|
|
Form of Trust Preferred Securities Guarantee Agreement (substantially identical, except for names and dates, for MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital
Trust VIII and MetLife Capital Trust IX).**
|
|
|
|
|
4.16
|
|
Form of Common Securities Guarantee Agreement (substantially identical, except for names and dates, for MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and
MetLife Capital Trust IX).**
|
|
|
|
|
4.17
|
|
Form of Certificate for Common Stock, par value $.01 per share, (Incorporated by reference to Exhibit 4.1 to the S-1 Registration Statement).
|
|
|
|
|
4.18
|
|
Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of MetLife, Inc., filed with the Secretary of State of Delaware on April 7, 2000 (see Exhibit 3.2 above).
|
|
|
|
|
4.19
|
|
Form of Stock Certificate, Floating Rate Non-Cumulative Preferred Stock, Series A, of MetLife, Inc. (Incorporated by reference to Exhibit 99.6 to MetLife, Inc.’s Registration Statement on Form 8-A filed on June 10,
2005).
|
|
|
|
|
4.20
|
|
Certificate of Designation of 5.250% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, of MetLife, Inc., filed with the Secretary of State of Delaware on May 28, 2015 (see Exhibit 3.7
above).
|
|
|
|
|
|
Exhibit
|
|
Description
|
|
|
|
|
4.21
|
|
Form of Stock Certificate, 5.250% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, of MetLife, Inc. (Incorporated by reference to MetLife, Inc.’s Current Report on Form 8-K dated May 28, 2015).
|
|
|
|
|
4.22
|
|
Form of Warrant Agreement.*
|
|
|
|
|
4.23
|
|
Form of Deposit Agreement.*
|
|
|
|
|
4.24
|
|
Form of Depositary Receipt (Included in Exhibit 4.20).
|
|
|
|
|
4.25
|
|
Form of Purchase Contract Agreement.*
|
|
|
|
|
4.26
|
|
Form of Pledge Agreement.*
|
|
|
|
|
4.27
|
|
Form of Unit Agreement.*
|
|
|
|
|
5.1
|
|
Opinion of Stephen Gauster, Esq.
|
|
|
|
|
5.2
|
|
Opinion of Richards, Layton & Finger, P.A. with respect to MetLife Capital Trust V, MetLife Capital Trust VI, MetLife Capital Trust VII, MetLife Capital Trust VIII and MetLife Capital
Trust IX.
|
|
|
|
|
12.1
|
|
Statement re: Computation of Ratios of Earnings to Fixed Charges.
|
|
|
|
|
23.1
|
|
Consent of Deloitte & Touche LLP.
|
|
|
|
|
23.2
|
|
Consent of Stephen Gauster, Esq. (Included in Exhibit 5.1).
|
|
|
|
|
23.3
|
|
Consent of Richards, Layton & Finger, P.A. (Included in Exhibit 5.2).
|
|
|
|
|
24.1
|
|
Powers of Attorney (Included on signature page of this Registration Statement).
|
|
|
|
|
25.1
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Trustee under the Senior Indenture, dated as of November 9, 2001.
|
|
|
|
|
25.2
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Trustee under the Subordinated Indenture, dated as of June 21, 2005.
|
|
|
|
|
25.3
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., Preferred Securities Guarantee Trustee under the Form of Trust Preferred Securities Guarantee Agreement relating to MetLife Capital
Trust V.
|
|
|
|
|
25.4
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Preferred Securities Guarantee Trustee under the Form of Trust Preferred Securities Guarantee Agreement relating to MetLife
Capital Trust VI.
|
|
|
|
|
25.5
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Preferred Securities Guarantee Trustee under the Form of Trust Preferred Securities Guarantee Agreement relating to MetLife
Capital Trust VII.
|
|
|
|
|
25.6
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Preferred Securities Guarantee Trustee under the Form of Trust Preferred Securities Guarantee Agreement relating to MetLife
Capital Trust VIII.
|
|
|
|
|
25.7
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Preferred Securities Guarantee Trustee under the Form of Trust Preferred Securities Guarantee Agreement relating to MetLife
Capital Trust IX.
|
|
|
|
|
25.8
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Property Trustee under the Form of Amended and Restated Declaration of Trust of MetLife Capital Trust V.
|
|
|
|
|
25.9
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Property Trustee under the Form of Amended and Restated Declaration of Trust of MetLife Capital
Trust VI.
|
|
|
|
|
|
Exhibit
|
|
Description
|
|
|
|
|
25.10
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Property Trustee under the Form of Amended and Restated Declaration of Trust of MetLife Capital Trust VII.
|
|
|
|
|
25.11
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Property Trustee under the Form of Amended and Restated Declaration of Trust of MetLife Capital Trust VIII.
|
|
|
|
|
25.12
|
|
Statement of Eligibility on Form T-1 of The Bank of New York Mellon Trust Company, N.A., as Property Trustee under the Form of Amended and Restated Declaration of Trust of MetLife Capital Trust IX.
|
|
|
|
|
25.13
|
|
Statement of Eligibility of Trustee to be named later with respect to Form of Indenture for Senior Debt Securities, listed above as Exhibit 4.1(b)***
|
|
|
|
|
25.14
|
|
Statement of Eligibility of Trustee to be named later with respect to Form of Indenture for Subordinated Debt Securities, listed above as Exhibit 4.2(b)***
|
|
*
|
Indicates document to be filed as an exhibit to a Current Report on Form 8-K or Quarterly Report on Form 10-Q pursuant to Item 601 of Regulation S-K and incorporated herein by reference.
|
|
**
|
Incorporated by reference to the corresponding exhibit to the Registration Statement on Form S-3 (Registration Statement No. 333-147180), filed on November 6, 2007.
|
|
***
|
Indicates document to be filed as a 305B2 filing and incorporated herein by reference.
|
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