Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

12. Long-term Debt

Senior Notes

In February 2023, MetLife, Inc. redeemed for cash and canceled $1.0 billion aggregate principal amount of its outstanding 4.368% senior notes due September 2023.

In January 2023, MetLife, Inc. issued $1.0 billion of senior notes due January 2054 which bear interest at a fixed rate of 5.250%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $11 million of related costs which will be amortized over the term of the senior notes.

See Note 19 for information on MetLife, Inc.’s senior notes issuance subsequent to June 30, 2023.

Credit Facility

In May 2023, MetLife, Inc. and MetLife Funding, Inc., a wholly-owned subsidiary of MLIC, amended and restated their $3.0 billion unsecured revolving credit facility (as amended and restated, the “Credit Facility”). The facility may be used for general corporate purposes, to support the borrowers’ commercial paper programs, and for the issuance of letters of credit. All borrowings under the Credit Facility 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.