MetLife 2008 Annual Report Download - page 236
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25. Subsequent Events
Dividends
On February 18, 2009, the Company’s Board of Directors announced dividends of $0.25 per share, for a total of $6 million, on its
Series A preferred shares, and $0.40625 per share, for a total of $24 million, on its Series B preferred shares, subject to the final
confirmation that it has met the financial tests specified in the Series A and Series B preferred shares, which the Company anticipates will
be made on or about March 5, 2009, the earliest date permitted in accordance with the terms of the securities. Both dividends will be
payable March 16, 2009 to shareholders of record as of February 28, 2009.
Remarketing of Securities and Settlement of Stock Purchase Contracts Underlying Common Equity Units
On February 17, 2009, the Holding Company closed the successful remarketing of the Series B portion of the junior subordinated
debentures underlying the common equity units. The junior subordinated debentures were modified as permitted by their terms to be
7.717% senior debt securities Series B, due February 15, 2019. The Holding Company did not receive any proceeds from the remarketing.
Most common equity unit holders chose to have their junior subordinated debentures remarketed and used the remarketing proceeds to
settle their payment obligations under the applicable stock purchase contract. For those common equity unit holders that elected not to
participate in the remarketing and elected to use their own cash to satisfy the payment obligations under the stock purchase contract, the
terms of the debt are the same as the remarketed debt.
The subsequent settlement of the stock purchase contracts occurred on February 17, 2009, providing proceeds to the Holding
Company of $1,035 million in exchange for shares of the Holding Company’s common stock. The Holding Company delivered
24,343,154 shares of its newly issued common stock to settle the remaining stock purchase contracts issued as part of the common
equity units sold in June 2005.
See also Notes 10, 12, 13 and 18.
F-113MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)