Long-term Debt

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Long-term Debt

7. Long-term Debt

Surplus Note

On September 28, 2018, Brighthouse Life Insurance Company issued a $200 million surplus note due September 2058 to Brighthouse Holdings, LLC (the “Surplus Note”), which bears interest at a fixed rate of 7.80%, payable annually. Payments of interest and principal on the Surplus Note may be made only with the prior approval of the Delaware Department of Insurance.

Repurchase Facility

In April 2018, Brighthouse Life Insurance Company entered into a committed repurchase facility (the “Repurchase Facility”) with a financial institution, pursuant to which Brighthouse Life Insurance Company may enter into repurchase transactions in an aggregate amount up to $2.0 billion in respect of certain eligible securities. The Repurchase Facility has a term of three years, beginning on July 31, 2018 and ending on July 31, 2021. At September 30, 2018, there were no drawdowns under the Repurchase Facility.