METLIFE AND PRIVATE PLACEMENT CLIENTS LEAD INVESTING IN THE $827 MILLION REFINANCING OF I-595 PROJECT IN FLORIDA
NEW YORK, December 02, 2015
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.
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.