* Sees impact to operating EPS of 40 to 45 cents

* Announces 75 mln share offering

* Announces $3 bln debt sale

* Stock down 1.3 percent in premarket trading

(Updates share and bond sales, stock move, background)

NEW YORK (Reuters) - MetLife Inc lowered its
estimate of how much of a boost it will get from acquiring
Alico, the foreign life insurance business of AIG, and
announced fund-raising plans to help pay for the deal.

MetLife, the biggest U.S. life insurance company, said it
now sees operating earnings per share for the year rising 40
cents to 45 cents. The company had previously said it expected
to realize a 45 to 55 cent-per-share boost to its 2011 profit.

Analysts expect MetLife to report $5.35 per share for
2011.

It also said it would sell 75 million shares and offer
about $3 billion in senior debt to help pay for Americal Life
Insurance Co (Alico). At Friday's closing price of $42.06,
MetLife would get $3.15 billion for the shares.

Combined with cash on hand, MetLife said the share and debt
sales would fund the $6.8 billion cash portion of the purchase
price for Alico, which it agreed to buy from American
International Group Inc in March for $15.5 billion in
cash and stock.

Last week, MetLife posted second-quarter operating
earnings, excluding investment gains and losses, of $1.02
billion, or $1.23 a share, beating analysts' average forecast
of $1.00 a share, according to Reuters Estimates.

MetLife also said the Alico purchase will enable it to
boost its 2011 year-end operating return on equity by about 100
basis points.

It said operating earnings per share does not include
transition and other one-time expenses estimated at 12 cents
per share, and said the revision reflects an assumed issuance
of 75 million shares of common stock in a public offering at
the July 30, 2010, closing price of $42.06 per share.

MetLife first started eyeing Alico, which sells life,
accident and health insurance as well as retirement and wealth
management products in 55 countries, in the months before AIG
nearly collapsed in September 2008.

MetLife will get a special boost in Japan, the world's
second-largest life insurance market, which accounts for as
much as 70 percent of Alico's pretax operating income.

With operations in 17 countries, MetLife currently earns
only 15 percent of its profit from abroad, according to a
report in the Wall Street Journal on Saturday.

Alico will boost that figure to 40 percent, the paper
said.
(Reporting by Christopher Kaufman, editing by Maureen Bavdek)