MetLife in £400 Million Debt Offering; Part of $6.9 Billion Travelers Acquisition Financing

June 29, 2005

Cleary Gottlieb represented the underwriters, led by Barclays Capital and The Royal Bank of Scotland, in a £400 million offering of 5.25% senior notes due 2020.

MetLife used the offering proceeds to fund a part of the purchase price for its acquisition of Citigroup’s Travelers Life & Annuity unit and substantially all of Citigroup’s international insurance businesses. Cleary also represented the underwriters in other financings tied to the acquisition, raising a total of $6.9 billion.

Founded in 1863, MetLife, through its subsidiaries and affiliates, is a leading provider of insurance and other financial services to individual and institutional customers.