Press release
Brighthouse Financial Announces Pricing Terms of Cash Tender Offers for 3.700% and 4.700% Senior Notes
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Brighthouse Financial, Inc. (the “Company” or “Brighthouse Financial”) (Nasdaq: BHF) announced today the pricing terms for
About this update from Brighthouse Financial, Inc.
[{"type":"text","content":" CHARLOTTE, N.C.--(BUSINESS WIRE)--\nBrighthouse Financial, Inc. (the “Company” or “Brighthouse Financial”) (Nasdaq: BHF) announced today the pricing terms for its previously announced cash tender offers (each, an “Offer” and, collectively, the “Offers”) for the Notes set forth below.\n\nThe terms and conditions of the Offers are described in the Offer to Purchase for Cash, dated November 10, 2020 (the “Offer to Purchase”) and the related Letter of Transmittal, dated November 10, 2020 (the “Letter of Transmittal” and, together with the Offer to Purchase, the “Tender Offer Documents”).\n\nBecause the aggregate principal amounts of the 2027 Notes and the 2047 Notes validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on November 24, 2020 (the “Early Tender Deadline”) each exceed the applicable Tender Cap, Brighthouse Financial will accept for purchase Notes of each series subject to proration, as described in the Offer to Purchase, so as not to exceed the applicable Tender Cap.\n\nThe “Total Consideration” per $1,000 principal amount of Notes of each series validly tendered and accepted for purchase pursuant to the Offers was determined by reference to the fixed spread specified for the applicable series of Notes plus the yield based on the bid side price of the applicable U.S. Treasury Security specified in the table above for each series of Notes, as described in the Offer to Purchase, as calculated by Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC at 10:00 a.m., New York City time, today, November 25, 2020. In addition to the Tender Offer Consideration or Total Consideration, as applicable, all Holders of Notes accepted for purchase will also receive accrued and unpaid interest rounded to the nearest cent from the last applicable interest payment date up to, but not including, the applicable Settlement Date (with respect to each series of Notes, the “Accrued Interest”).\n\nThe following table sets forth the pricing terms for the Offers:\n\n\n\nTitle of\nSecurity\n\n\n\nCUSIP\nNumber\n\n\n\nTender\nCap(1)\n\n\n\nNotes\nAccepted\n\n\n\nReference\nU.S.\nTreasury\nSecurity\n\n\n\nApproximate\nProration\nFactor\n\n\n\nFixed\nSpread\n(basis\npoints)\n\n\n\nTender\nOffer\nYield\n\n\n\nTotal\nConsideration(2)\n\n\n\n\n\n3.700% Senior Notes due 2027\n\n\n\n10922NAC7/\n\n\n10922NAA1\n\n\n\n\n$199,716,000\...