MetLife Inc. (MET) priced $500 million of SEC-registered hybrid fixed-to-floating-rate junior subordinated securities via joint lead bookrunners Morgan Stanley and JPMorgan, according to people familiar with the deal. Terms were as follows:

 
Amount:              $500 million 
Scheduled Maturity:  Aug. 1, 2039 (legal final Aug. 1, 2069) 
Coupon:              10.75% 
Price:               99.981 
Yield:               10.75% 
Spread:              641 basis points over Treasurys 
Optional Redemption: Aug. 1, 2034 
Reset Floating-Rate: 3-month Libor +754.8 basis points 
Settlement:          July 8, 2009 (T+5) 
Ratings:             Baa1 (Moody's Investors Service) 
                     BBB  (Standard & Poor's)

-By Michael Aneiro, Dow Jones Newswires; 212-416-2203; michael.aneiro@dowjones.com