METLIFE INC | 2013 | FY | 3

The unsecured credit facilities are used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. Total fees expensed associated with these credit facilities were $24 million, $30 million and $35 million for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in other expenses. Information on these credit facilities at December 31, 2013 was as follows:
Borrower(s)
 
Expiration
 
Capacity
 
Letters of
Credit
Issued
 
Drawdowns
 
 Unused Commitments
 
 
 
 
(In millions)
MetLife, Inc. and MetLife Funding, Inc.
 
September 2017 (1)
 
$
1,000

 
$
59

 
$
—

 
$
941

MetLife, Inc. and MetLife Funding, Inc.
 
August 2016 (2)
 
3,000

 
133

 
—

 
2,867

Total
 
 
 
$
4,000

 
$
192

 
$
—

 
$
3,808

______________
(1)
In September 2012, MetLife, Inc. and MetLife Funding, Inc. entered into a $1.0 billion five-year credit agreement which amended and restated the three-year agreement dated October 2010. All borrowings under the 2012 five-year credit agreement must be repaid by September 2017, except that letters of credit outstanding on that date may remain outstanding until no later than September 2018. MetLife, Inc. incurred costs of $4 million related to the amended and restated credit facility, which were capitalized and included in other assets. These costs are being amortized over the remaining term of the amended and restated credit facility.
(2)
In connection with the October 2013 re-domestication of Exeter to Delaware in anticipation of the Mergers and the related redistribution of assets held in trust at Exeter, $1.9 billion of outstanding letters of credit were no longer required and therefore canceled by the Company. Accordingly, remaining availability under the unsecured credit facilities increased by $1.9 billion in October 2013. See Note 8 for further information on the Mergers.

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