<SEC-DOCUMENT>0001193125-21-326182.txt : 20211110
<SEC-HEADER>0001193125-21-326182.hdr.sgml : 20211110
<ACCEPTANCE-DATETIME>20211110171253
ACCESSION NUMBER:		0001193125-21-326182
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211110
DATE AS OF CHANGE:		20211110

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brighthouse Financial, Inc.
		CENTRAL INDEX KEY:			0001685040
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				813846992
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-259372
		FILM NUMBER:		211397763

	BUSINESS ADDRESS:	
		STREET 1:		11225 N COMMUNITY HOUSE ROAD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277
		BUSINESS PHONE:		980-365-7100

	MAIL ADDRESS:	
		STREET 1:		11225 N COMMUNITY HOUSE ROAD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brighthouse Financial, Inc.
		CENTRAL INDEX KEY:			0001685040
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				813846992
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		11225 N COMMUNITY HOUSE ROAD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277
		BUSINESS PHONE:		980-365-7100

	MAIL ADDRESS:	
		STREET 1:		11225 N COMMUNITY HOUSE ROAD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28277
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d248374dfwp.htm
<DESCRIPTION>FWP
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;333-259372</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Final Term Sheet, dated November&nbsp;10, 2021 relating to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Preliminary Prospectus Supplement, dated November&nbsp;10, 2021 to </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Prospectus, dated September&nbsp;7, 2021 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g248374g1111014552662.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Brighthouse Financial, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>14,000,000 Depositary Shares </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>each representing a 1/1,000th interest in a share of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4.625% <FONT STYLE="white-space:nowrap">Non-Cumulative</FONT> Preferred Stock, Series D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pricing Term Sheet </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>November&nbsp;10, 2021 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The information
in this final term sheet relates to the offering of the securities specified herein and should be read together with the preliminary prospectus supplement, dated November&nbsp;10, 2021 (the &#147;Preliminary Prospectus Supplement&#148;), including
the documents incorporated by reference therein, and the accompanying prospectus, dated September&nbsp;7, 2021. This final term sheet is qualified in its entirety by reference to the Preliminary Prospectus Supplement. Terms used herein but not
defined herein shall have the respective meanings as set forth in the Preliminary Prospectus Supplement. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Brighthouse Financial, Inc. (&#147;Issuer&#148;)</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Securities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Depositary shares (&#147;Depositary Shares&#148;), each representing a 1/1,000th interest in a share of the Issuer&#146;s 4.625% <FONT STYLE="white-space:nowrap">Non-Cumulative</FONT> Preferred Stock, Series D (&#147;Preferred
Shares&#148;)</TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><B>Number of Depositary Shares:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">14,000,000 (corresponding to 14,000 Preferred Shares)</TD></TR>
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<TD VALIGN="top"><B>Liquidation Preference:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$25,000 liquidation preference per Preferred Share (equivalent to $25.00 per Depositary Share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends</TD></TR>
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<TD VALIGN="top"><B>Price to the Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$25.00 per Depositary Share</TD></TR>
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<TD VALIGN="top"><B>Underwriting Discount (Retail):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$0.7875 per Depositary Share</TD></TR></TABLE>
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<TD VALIGN="top"><B>Underwriting Discount (Institutional):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$0.5000 per Depositary Share</TD></TR>
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<TD VALIGN="top"><B>Proceeds (after Underwriting Discount and before Expenses) to the Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$24.2235 per Depositary Share / $339,128,525 total</TD></TR>
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<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Perpetual</TD></TR>
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<TD VALIGN="top"><B>Pricing Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;10, 2021</TD></TR>
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<TD VALIGN="top"><B>Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;22, 2021 (T+7)*</TD></TR>
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<TD VALIGN="top"><B>Dividend Rate:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">4.625% on the stated amount of $25,000 for each Preferred Share per year</TD></TR>
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<TD VALIGN="top"><B>Dividend Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">When, as and if declared by the Issuer&#146;s board of directors or a duly authorized committee thereof, the Issuer will pay dividends on a <FONT STYLE="white-space:nowrap">non-cumulative</FONT> basis, quarterly in arrears on the
25th day of March, June, September and December of each year, accruing from and including the Settlement Date, commencing on March&nbsp;25, 2022.</TD></TR>
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<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Issuer may elect to redeem the Preferred Shares:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;in whole at any time or in part from time to time on or after December&nbsp;25, 2026 at a
redemption price equal to $25,000 per Preferred Share (equivalent to $25.00 per Depositary Share), plus an amount equal to any accrued and unpaid dividends that have accrued but not been declared and paid for the then-current dividend period to, but
excluding, such date of redemption;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;in whole, but not in part, at any time prior to December&nbsp;25, 2026, within 90 days of the
occurrence of a &#147;regulatory capital event&#148; (as defined in the Preliminary Prospectus Supplement), at a redemption price equal to $25,000 per Preferred Share (equivalent to $25.00 per Depositary Share), plus an amount equal to any accrued
and unpaid dividends that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such date of redemption; or</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;in whole, but not in part, at any time prior to December&nbsp;25, 2026, within 90 days of the
occurrence of a &#147;rating agency event&#148; (as defined in the Preliminary Prospectus Supplement), at a redemption price equal to $25,500 per Preferred Share (equivalent to $25.50 per Depositary Share), plus an amount equal to any accrued and
unpaid dividends that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such date of redemption.</P></TD></TR></TABLE>
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<TD VALIGN="top"><B>Day Count Convention:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">30/360</TD></TR>
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<TD VALIGN="top"><B>Listing:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Application has been made to list the Depositary Shares on The Nasdaq Stock Market LLC.</TD></TR>
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<TD VALIGN="top"><B>CUSIP / ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">10922N 889 / US10922N8891</TD></TR>
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<TD VALIGN="top"><B>Anticipated Ratings**:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Moody&#146;s: Ba2 / S&amp;P: <FONT STYLE="white-space:nowrap">BBB-</FONT> / Fitch: BB+</TD></TR>
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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp;
Co. LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UBS Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P></TD></TR>
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<TD VALIGN="top"><B>Joint Lead Manager:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Goldman Sachs&nbsp;&amp; Co. LLC</TD></TR>
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<TD VALIGN="top"><B><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Academy Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AmeriVet Securities,
Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mischler Financial Group, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">R. Seelaus&nbsp;&amp;
Co., LLC</P></TD></TR>
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<TD VALIGN="top"><B>Concurrent Senior Notes Offering:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">On November&nbsp;10, 2021, the Issuer commenced a separate public offering of $400,000,000 aggregate principal amount of 3.850% Senior Notes due 2051 (the &#147;Concurrent Senior Notes Offering&#148;). The Concurrent Senior Notes
Offering is being made by means of a separate prospectus supplement and not by means of the prospectus supplement to which this pricing term sheet relates. This communication is not an offer to sell or a solicitation of an offer to buy any
securities being offered in the Concurrent Senior Notes Offering. The closing of this offering and the Concurrent Senior Notes Offering are not conditioned on each other.</TD></TR>
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<TD VALIGN="top"><B>Concurrent Debt Tender Offer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">On November&nbsp;10, 2021, in connection with its previously announced cash offer to purchase the notes set forth below (the &#147;Tender Offer&#148;), subject to prioritized acceptance levels, the Issuer announced that it has
increased the aggregate purchase price of notes that the Issuer intends to purchase in the Tender Offer from the previously announced amount to up to $750&nbsp;million aggregate purchase price, as such amount may be increased or decreased in the
Issuer&#146;s sole discretion, of its 3.700% Senior Notes due 2027 and its 4.700% Senior Notes due 2047. Additionally, the Issuer has amended the previously announced condition that it receive aggregate gross proceeds of at least $500&nbsp;million
from this offering and the Concurrent Senior Notes Offering to the Issuer&#146;s receipt of gross proceeds of at least $750&nbsp;million.</TD></TR>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange Act of 1934, as
amended, trades in the secondary market are required to settle in two business days (&#147;T+2&#148;), unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Depositary Shares prior to the second
business day before delivery of the Depositary Shares hereunder will generally be required, by virtue of the fact that the Depositary Shares initially settle on the seventh business day following the Pricing Date (&#147;T+7&#148;), to specify an
alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Depositary Shares who wish to trade the Depositary Shares prior to their date of delivery hereunder should consult their advisors.
</P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The rating of the Depositary Shares should be evaluated independently from similar ratings of other securities.
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency. </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No PRIIPs KID &#151; No PRIIPs key information document (KID) has been prepared as not available to retail in
the European Economic Area or the United Kingdom. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Issuer has filed a registration statement (including a prospectus) and the
Preliminary Prospectus Supplement with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) for the offering to which this communication relates. Before you invest, you should read the Preliminary Prospectus Supplement and the
prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may obtain these documents free of charge by visiting EDGAR on the SEC web site at
www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the Preliminary Prospectus Supplement (or, when available, the final prospectus supplement) if you request it by calling
BofA Securities, Inc. toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-294-1322;</FONT></FONT></FONT> Morgan Stanley&nbsp;&amp; Co. LLC toll-free at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-718-1649;</FONT></FONT></FONT> UBS Securities LLC toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-888-827-7275;</FONT></FONT></FONT> Wells Fargo Securities, LLC toll-free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-645-3751;</FONT></FONT></FONT> or J.P.
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