MetLife in $2 Billion Debt Offering; Part of $6.9 Billion Travelers Acquisition Financing

June 23, 2005

Cleary Gottlieb represented the underwriters, led by Banc of America Securities LLC and Goldman, Sachs & Co., in an offering by MetLife, Inc. of $1 billion of 5% senior notes due 2015 and $1.0 billion of 5.70% senior notes due 2035.

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 is a leading provider of insurance and other financial services to individual and institutional customers.