New York-based MetLife confirmed that it priced a 75 million common share offering at $42 a share (below yesterday’s closing price of $42.73), to raise $3.15 billion to help fund the cash portion of it acquisition of American International Group Inc.'s American Life Insurance Co. (Alico).

The insurer originally planned to sell $2 billion of shares to help fund the acquisition, reports Bloomberg.

MetLife CEO Robert Henrikson is reportedly spearheading an expansion into Japan and Poland. Standard & Poor’s reportedly said it plans to resolve a negative credit watch on MetLife once the company completes the stock sale and a planned debt offering of about $3 billion, noted Bloomberg.

AIG’s sale of assets is designed to help repay its record Trouble Asset Relief Program bailout funds of approximately $182 billion.

MetLife has said it may complete the unit acquisition in the fourth quarter. London-based Prudential Plc’s offer to buy the business unit fell apart this year after the insurer’s investors backpedaled at the $35.5 billion price. The proceeds from MetLife’s stock and bond sales will go toward the $6.8 billion cash portion of the purchase of AIG’s Alico unit. MetLife plans to sell $3 billion of senior notes in a three-part offering as soon as today, according to a person familiar with the transaction, who declined to be identified because terms aren’t set. MetLife said it will use funds on hand for the remainder of the cash portion, reports Bloomberg.

Meanwhile, in a regulatory filing, MetLife confirmed plans to issue notes due in 2014, 2021 and 2041.

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