MetLife, Inc. (NYSE:MET) announced today that it and several of its
private placement clients have invested $213 million in senior notes for
the refinancing of the I-595 highway in southern Florida. With more than
a quarter of the $827 million total offering, MetLife and its clients
are the lead investors in the refinancing that closed last month.
The senior notes priced at 155 bps over a seven-year Treasury bond and
had an interest rate of 3.31 percent. The notes have an average life of
about seven years and reach final maturity in 2031. The capital will be
used to retire a portion of the project’s outstanding bank debt and
repay other loans.
The final bond was oversubscribed, and a total of 15 private investors,
including MetLife and its clients, participated.
“This was a very competitive process because of the attractiveness of
the project,” said Scott Inglis, managing director and head of private
placements for MetLife Investment Management. “MetLife’s relationships
and strong market position enabled us to successfully secure a solid
allocation for our private placement clients and our portfolio.”
The highway, Florida’s first public-private partnership of this kind,
opened to the public in March 2014. ACS Infrastructure Development,
Inc., and TIAA-CREF are the equity sponsors of the project.
About MetLife
MetLife, Inc. (NYSE:MET), through its subsidiaries and affiliates
(“MetLife”), is one of the largest life insurance companies in the
world. Founded in 1868, MetLife is a global provider of life insurance,
annuities, employee benefits and asset management. Serving approximately
100 million customers, MetLife has operations in nearly 50 countries and
holds leading market positions in the United States, Japan, Latin
America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
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