• March 6, 2021

MetLife Investment Management Supports Prince George’s County Public Schools With $203.5 Million in Public-Private Partnership Financing - Odessa American: Business

e-Edition Subscribe

MetLife Investment Management Supports Prince George’s County Public Schools With $203.5 Million in Public-Private Partnership Financing

Print
Font Size:
Default font size
Larger font size

Posted: Monday, February 22, 2021 10:28 am | Updated: 10:45 am, Mon Feb 22, 2021.

WHIPPANY, N.J.--(BUSINESS WIRE)--Feb 22, 2021--

MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), today announced it has completed a Public-Private Partnership (PPP) transaction that will provide $203.5 million in funding for Maryland’s Prince George’s County Public Schools, the second largest public school system in the state and a top 20 public school district in the United States 1.

Led by MIM’s Private Capital team, this unique PPP transaction is believed to be one of the first of its kind involving a public school system in the U.S. The $203.5 million transaction was managed by Fengate Capital Management and Gilbane Development Company and was part of a broader $478.5 million financing package for the district. The $203.5 million loan was split approximately evenly between MetLife’s general account and MIM’s institutional clients.

The $203.5 million loan supports the future education needs of Prince George’s County Public Schools, which was seeking financing partners to replace aging school buildings. The design-build project, which is expected to take three years, will involve the demolition of four aging schools and the simultaneous construction of six new schools (five middle schools and one K-8 school), which will provide a modern learning environment for approximately 8,000 students.

The project requires at least 30% of the contract value to be allocated to local and minority-owned businesses and will employ approximately 4,100 people.

“We’re very proud to be partnering with Prince George’s County Public Schools on this critical initiative to build new schools for 8,000 Maryland students,” said Steven J. Goulart, president of MetLife Investment Management and chief investment officer of MetLife, Inc. ”When we talk about how we can help build a stronger, more sustainable future for all, an initiative aimed at enhancing the educational environment for our children is certainly core to that purpose.”

This transaction further underscores MetLife’s focus on long-term sustainability and its commitment to serving clients and communities in states across the U.S. and countries all over the world. In Maryland, MetLife had invested more than $500 million as of year-end 2019 in commercial real estate, agriculture, infrastructure, municipal bonds and affordable housing, among other sectors. The company also paid out more than $730 million in claims during 2019, supporting financial security and wellness, jobs, economic growth and ultimately stronger, more sustainable communities.

MIM’s Private Capital group comprises private placements, infrastructure and structured credit investment management, and is active across a wide range of industry sectors, including general industrial, healthcare, professional services, retail, utilities, electric transmission, renewable power and social housing, among others. As of December 31, 2020, MIM had $130.9 billion in private capital assets under management and $659.6 billion in total assets under management. 2

About MetLife Investment Management

MetLife Investment Management, the institutional asset management business of MetLife, Inc. (NYSE: MET), is a global public fixed income, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and as of December 31, 2020 has $659.6 billion in total assets under management. 2

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Forward-Looking Statements

The forward-looking statements in this news release, such as “will,”, “future”, “requires” and “expected” are based on assumptions and expectations that involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife’s future results could differ, and it has no obligation to correct or update any of these statements.

1 Source: Prince George’s County Public Schools https://www.pgcps.org/facts-and-figures/

2 At estimated fair value. Includes MetLife general account and separate account assets and unaffiliated / third party assets.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210222005666/en/

CONTACT: For Media:

James Murphy

+1 917-225-6303

james.p.murphy@metlife.com

KEYWORD: UNITED STATES NORTH AMERICA MARYLAND NEW JERSEY

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY FINANCE OTHER EDUCATION BANKING PROFESSIONAL SERVICES REIT EDUCATION

SOURCE: MetLife Investment Management

Copyright Business Wire 2021.

PUB: 02/22/2021 11:28 AM/DISC: 02/22/2021 11:28 AM

http://www.businesswire.com/news/home/20210222005666/en

© 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Odessa, TX

Current Conditions

Sunny
59°
Humidity: 37%
Winds: ENE at 8mph
Feels Like: 58°

Your Extended Forecast

Today

weather
High 62°/Low 38°
Sunshine. Highs in the low 60s and lows in the upper 30s.

Tomorrow

weather
High 62°/Low 43°
Sunshine. Highs in the low 60s and lows in the low 40s.

monday

weather
High 69°/Low 51°
Considerably cloudy, windy. Highs in the upper 60s and lows in the low 50s.

tuesday

weather
High 78°/Low 55°
Mostly cloudy. Highs in the upper 70s and lows in the mid 50s.
Online Features

Pet Central

pets

Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>

Fitness

Fitness

Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>

Crosswords

Crosswords

Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>

Sudoku

Sudoku

Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>




  • ALL-ACCESS: Subscribe to our e-edition and premium website at myoaoa.com.
    You can read your daily newspaper without taking a walk to the driveway.
    Look back at yesterday's newspaper, or issues from months ago with our archive feature.
    Call circulation at 432-337-7314 to sign up today.