Long-term and Short-term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Long-term and Short-term debt outstanding

Long-term and short-term debt outstanding was as follows:



	Interest Rates (1)		Maturity	December 31,
	Range	Weighted Average	Maturity	2013		2012
				(In millions)
Senior notes	1.52% - 7.72%	4.96%	2014 - 2045	$	15,938	$	15,669
Surplus notes	7.63% - 7.88%	7.84%	2015 - 2025	701		700
Other notes	1.39% - 8.00%	4.04%	2014 - 2030	531		133
Capital lease obligations				28		33
Total long-term debt (2)				17,198		16,535
Total short-term debt				175		100
Total				$	17,373	$	16,635

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(1)	Range of interest rates and weighted average interest rates are for the year ended December 31, 2013.


(2)	Excludes $1.5 billion and $2.5 billion of long-term debt relating to CSEs — FVO at December 31, 2013 and 2012, respectively. See Note 8.

Schedule of Short-term Debt

Short-term debt with maturities of one year or less was as follows:



	December 31,
	2013		2012
	(In millions)
Commercial paper	$	175	$	100
Average daily balance	$	103	$	119
Average days outstanding	55 days		40 days

Schedule of Line of Credit Facilities

The unsecured credit facilities are used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. Total fees expensed associated with these credit facilities were $24 million, $30 million and $35 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in other expenses. Information on these credit facilities at December 31, 2013 was as follows:



Borrower(s)	Expiration	Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
		(In millions)
MetLife, Inc. and MetLife Funding, Inc.	September 2017 (1)	$	1,000	$	59	$	—	$	941
MetLife, Inc. and MetLife Funding, Inc.	August 2016 (2)	3,000		133		—		2,867
Total		$	4,000	$	192	$	—	$	3,808

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(1)

In September 2012, MetLife, Inc. and MetLife Funding, Inc. entered into a $1.0 billion five-year credit agreement which amended and restated the three-year agreement dated October 2010. All borrowings under the 2012 five-year credit agreement must be repaid by September 2017, except that letters of credit outstanding on that date may remain outstanding until no later than September 2018. MetLife, Inc. incurred costs of $4 million related to the amended and restated credit facility, which were capitalized and included in other assets. These costs are being amortized over the remaining term of the amended and restated credit facility.

(2)

In connection with the October 2013 re-domestication of Exeter to Delaware in anticipation of the Mergers and the related redistribution of assets held in trust at Exeter, $1.9 billion of outstanding letters of credit were no longer required and therefore canceled by the Company. Accordingly, remaining availability under the unsecured credit facilities increased by $1.9 billion in October 2013. See Note 8 for further information on the Mergers.

Committed Facilities

The committed facilities are used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total fees expensed associated with these committed facilities were $103 million, $96 million and $93 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in other expenses. Information on these committed facilities at December 31, 2013 was as follows:



Account Party/Borrower(s)	Expiration	Capacity		Letters of Credit Issued		Drawdowns		Unused Commitments
		(In millions)
MetLife, Inc.	August 2014	$	300	$	300	$	—	$	—
Exeter Reassurance Company, Ltd., MetLife, Inc. & Missouri Reinsurance, Inc.	June 2016	500		490		—		10
MetLife Reinsurance Company of Vermont & MetLife, Inc.	December 2020 (1)	350		350		—		—
Exeter Reassurance Company, Ltd.	December 2027 (1)	650		600		—		50
MetLife Reinsurance Company of South Carolina & MetLife, Inc.	June 2037 (2)	3,500		—		2,797		703
MetLife Reinsurance Company of Vermont & MetLife, Inc.	December 2037 (1)	2,896		1,937		—		959
MetLife Reinsurance Company of Vermont & MetLife, Inc.	September 2038 (1)	4,250		3,062		—		1,188
Total		$	12,446	$	6,739	$	2,797	$	2,910

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(1)	MetLife, Inc. is guarantor under this agreement.


(2)	The drawdown on this facility is associated with a collateral financing arrangement described more fully in Note 13.