New Issue-MetLife sells $500 mln hybrid notes

June 30 (Reuters) - MetLife Inc (MET.N) on Tuesday sold
$500 million of fixed-to-floating rate junior subordinated
debentures, said a source familiar with the transaction.

JP Morgan and Morgan Stanley were the joint bookrunning
managers for the sale.
BORROWER: METLIFE INC
AMT $500 MLN COUPON 10.75 PCT* MATURITY 8/1/2069**
TYPE JR SUB DEBS ISS PRICE 99.981 FIRST PAY 2/1/2010
MOODY'S Baa1 YIELD 10.75 PCT SETTLEMENT 7/8/2009
S&P BBB SPREAD 641 BPS PAY FREQ SEMI-ANNUAL
FITCH A-MINUS MORE THAN TREAS CALLABLE SEE NOTE
* 10.75 PCT UNTIL 8/1/2034, THEN FLOATS AT 3 MONTH LIBOR +754.8
BPS IF NOT CALLED
** SCHEDULED MATURITY 8/1/2039
NOTE: OPTIONAL REDEMPTION 8/1/2039

MAKE-WHOLE CALL ANYTIME AT 70 BPS

MAKE-WHOLE CALL ON (TAX AND RATING) EVENT AT 80 BPS