Insurer Brighthouse Financial (NYSE:BHF) is selling a new non cumulative preferred stock issue.
BHF was formerly part of Met Life which was spun off in August 2017. The company has $206 billion in assets.
The issue will have typical terms for an insurer-non-cumulative, but qualified for preferential tax treatment.
There will be an early redemption period starting in 2024.
At this point in time no rating has been issued, but Moodys has a shelf registration for preferreds from 9/2018 at a Ba2–not investment grade.