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Junior Subordinated Debt Securities (Tables)
12 Months Ended
Dec. 31, 2012
Junior Subordinated Debt Securities [Abstract]  
Outstanding Junior Subordinated Debt Securities
                                                 

Issuer

    Issue Date     Face
Value
    Interest
   Rate (2)  
    Scheduled
Redemption

     Date    
  Interest Rate
Subsequent to
Scheduled
Redemption

    Date (3)    
  Final
  Maturity   
  Carrying Value
at December 31,
 
                  2012             2011      
        (In millions)                       (In millions)  

MetLife, Inc.

  July 2009   $ 500       10.750  %     August 2039   LIBOR +7.548%   August 2069   $ 500     $ 500  

MetLife Capital Trust X (1)

  April 2008   $ 750       9.250  %     April 2038   LIBOR +5.540%   April 2068     750       750  

MetLife Capital Trust IV (1)

  December 2007   $ 700       7.875  %     December 2037   LIBOR +3.960%   December 2067     694       694  

MetLife, Inc.

  December 2006   $     1,250       6.400  %     December 2036   LIBOR +2.205%   December 2066     1,248       1,248  
       

 

 

   

 

 

 
                                    $ 3,192     $ 3,192  
       

 

 

   

 

 

 

 

 

 

(1)

MetLife Capital Trust X and MetLife Capital Trust IV are VIEs which are consolidated in the financial statements of the Company. The securities issued by these entities are exchangeable surplus trust securities, which will be exchanged for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date; mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities. The exchangeable surplus trust securities are classified as junior subordinated debt securities for purposes of financial statement presentation.

 

(2)

Prior to the scheduled redemption date, interest is payable semiannually in arrears.

 

(3)

In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears.