AIG Announces Pricing Terms for Tender Offers

By Tamara Parker • Saturday, December 14 10:16 • Permanent Link

American International Group, Inc. (NYSE: AIG) has announced the pricing terms for its tender offers to purchase outstanding notes, with a maximum aggregate amount of $750 million. The total consideration for each series of notes has been calculated based on the fixed spread specified for each series and the yield of the specified reference security.

As of December 12, 2024, the total consideration for the various series of notes is as follows:

8.175% Series A-6 Junior Subordinated Debentures due 2058: $1,172.61
6.820% Notes due 2037: $1,145.44
6.250% Notes due 2036: $1,097.90
6.250% Series A-1 Junior Subordinated Debentures due 2037: $1,008.06
5.750% Series A-9 Junior Subordinated Debentures due 2048: $1,008.66
4.800% Notes due 2045: $926.11
4.750% Notes due 2048: $915.84
4.700% Notes due 2035: $963.33
4.500% Notes due 2044: $892.11
4.375% Notes due 2055: $805.74
4.250% Notes due 2029: $980.68
4.200% Notes due 2028: $987.67

The offers will expire at 5:00 p.m. (Eastern Time) on December 12, 2024, unless extended or earlier terminated. The initial settlement date is expected to be December 16, 2024, and the guaranteed delivery settlement date is expected to be December 18, 2024.

AIG has retained BofA Securities, Inc. and Citigroup Global Markets Inc. as the lead dealer managers, with Global Bondholder Services Corporation serving as the information agent and tender agent.

It's important to note that the press release emphasizes that the offers are subject to certain conditions, and AIG may terminate or alter any or all of the offers. Additionally, the press release states that it is neither an offer to purchase nor a solicitation of an offer to sell the notes or any other securities. The offers are made only by and pursuant to the terms of the offer to purchase and only to such persons and in such jurisdictions as is permitted under applicable law. As a result of these announcements, the company's shares have moved 0.6% on the market, and are now trading at a price of $72.87. If you want to know more, read the company's complete 8-K report here.

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