METROPOLITAN LIFE INSURANCE CO FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits - Insurance News | InsuranceNewsNet

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May 9, 2023 Newswires
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METROPOLITAN LIFE INSURANCE CO FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

Edgar Glimpses

Item 1.01 Entry into a Material Definitive Agreement.

On May 8, 2023, MetLife, Inc., a Delaware corporation ("MetLife"), and MetLife
Funding, Inc.
(together with MetLife, the "Borrowers"), a Delaware corporation
and wholly-owned subsidiary of Metropolitan Life Insurance Company (the
"Company"), amended and restated in its entirety their Amended and Restated
Credit Agreement, dated as of February 26, 2021 (as amended and restated, the
"Amended and Restated Credit Agreement") among the Borrowers, Bank of America,
N.A
., as Administrative Agent and Several L/C Agent, JPMorgan Chase Bank, N.A.
and Wells Fargo Bank, National Association, as Co-Syndication Agents, the other
lenders party thereto and the other parties thereto. Capitalized terms used
herein and not otherwise defined have the meanings ascribed to them in the
Amended and Restated Credit Agreement.

The Amended and Restated Credit Agreement will provide for borrowings or the
issuance of letters of credit up to an aggregate of $3,000,000,000 committed by
the lenders party thereto. The amount available under the Amended and Restated
Credit Agreement may be increased to a maximum amount of $4,000,000,000,
provided that no Event of Default has occurred and is continuing. Facilities to
be made available by the Amended and Restated Credit Agreement may be used for
general corporate purposes (including, in the case of loans, to back commercial
paper and, in the case of letters of credit, to support variable annuity policy
and reinsurance reserve requirements). All borrowings under the Amended and
Restated Credit Agreement must be repaid by May 8, 2028, except that letters of
credit outstanding on that date may remain outstanding until no later than
May 8, 2029.

The Amended and Restated Credit Agreement contains representations and
warranties and covenants that are customary for facilities of this type. Amounts
due under the Amended and Restated Credit Agreement may be accelerated upon an
Event of Default if not otherwise waived or cured.

The lenders and the agents (and their respective subsidiaries or affiliates)
under the Amended and Restated Credit Agreement have in the past provided, and
may in the future provide, investment banking, underwriting, lending, commercial
banking, trust and other advisory services to MetLife and the Company, its
subsidiaries or affiliates. These parties have received, and may in the future
receive, customary compensation from MetLife and the Company, its subsidiaries
or affiliates, for such services.

The foregoing description of the Amended and Restated Credit Agreement does not
purport to be complete and is subject to, and qualified in its entirety by, the
full text of the Amended and Restated Credit Agreement, which is filed as
Exhibit 10.1 and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is
incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.



10.1      Amended and Restated Credit Agreement, dated as of May 8, 2023, among
        MetLife, Inc. and MetLife Funding, Inc., as borrowers, and the other
        parties signatory thereto, incorporated by reference to Exhibit 10.1 to
        MetLife, Inc.'s Current Report on Form 8-K filed on May 9, 2023.

101     Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in
        Inline XBRL (Inline eXtensible Business Reporting Language).

104     Cover Page Interactive Data File (embedded within the Inline XBRL document
        and included in Exhibit 101).

--------------------------------------------------------------------------------

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