AIG Commences Cash Tender Offer for Debt Securities
AIG is offering to purchase the notes and debentures listed in Table I below for an aggregate purchase consideration (
The following is a brief summary of certain key elements of the tender offer:
- Holders who validly tender and who do not validly withdraw their notes or debentures at or prior to the Early Participation Date, and whose securities are accepted for purchase, will receive the Total Consideration (as defined in the offer to purchase), together with accrued interest.
-
Holders who validly tender their notes or debentures after
5:00 p.m. ,New York City time on the Early Participation Date but at or prior to the expiration date, and whose securities are accepted for purchase, will only be eligible to receive the Tender Offer Consideration, which is equal to the Total Consideration less the Early Participation Amount (as defined in the offer to purchase), together with accrued interest. -
Tenders of notes or debentures may be validly withdrawn at any time at or prior to
5:00 p.m. ,New York City time, onNovember 20, 2023 (subject to extension), but not thereafter. - AIG reserves the right, but is under no obligation, to increase the Tender Cap. In the event of any such increase, AIG will not be obligated (except as required by applicable law) to extend the Early Participation Date, the withdrawal date or the expiration date.
- If the tender offer is oversubscribed, AIG will accept for payment all securities validly tendered in accordance with the acceptance priority levels set forth in Table I. However, all notes or debentures tendered prior to or at the Early Participation Date will have priority over notes or debentures tendered after the Early Participation Date, regardless of the acceptance priority levels. If there are sufficient remaining funds to purchase some, but not all, of the remaining tendered notes or debentures at any acceptance priority level, AIG will accept for payment such tendered notes or debentures on a prorated basis.
This press release is qualified in its entirety by the offer to purchase.
AIG has retained
This news release does not constitute an offer or an invitation by AIG to participate in the tender offer in any jurisdiction in which it is unlawful to make such an offer or solicitation in such jurisdiction.
Certain statements in this press release, including those describing the completion of the tender offer, constitute forward-looking statements. These statements are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout AIG’s periodic filings with the
About AIG
AIG is the marketing name for the worldwide operations of
TABLE I |
||||||||||||||||
Title of Security |
|
Security Identifier(s) |
|
Applicable Call / Maturity Date(1) |
|
Principal Amount Outstanding (millions) |
|
Acceptance Priority Level |
|
Early Participation Amount(2) |
|
Reference Security/ Interpolated Rate |
|
Bloomberg Reference Page/Screen |
|
Fixed Spread (basis points) |
2.500% Notes Due 2025 |
|
CUSIP: 026874DQ7 ISIN: US026874DQ70
|
|
|
|
|
|
1 |
|
|
|
4.625% UST due |
|
PX4 |
|
+35 |
3.900% Notes Due 2026 |
|
CUSIP: 026874DH7 ISIN: US026874DH71
|
|
|
|
|
|
2 |
|
|
|
4.625% UST due
|
|
PX1 |
|
+60 |
1.875% Notes Due 2027 |
|
CUSIP: AN6673288 ISIN: XS1627602201
|
|
|
|
€1,000.0 |
|
3 |
|
€30 |
|
Interpolated
|
|
IRSB EU (Pricing Source: BGN) |
|
+50 |
4.200% Notes Due 2028 |
|
CUSIP: 026874DK0 ISIN: US026874DK01
|
|
|
|
|
|
4 |
|
|
|
4.875% UST
|
|
PX1 |
|
+90 |
8.175% Series A-6 Junior Subordinated Debentures Due 2058
|
|
CUSIP: 026874BS5 ISIN: US026874BS54
|
|
|
|
|
|
5 |
|
|
|
3.875% UST
|
|
PX1 |
|
+200 |
6.820% Notes Due 2037
|
|
CUSIP: 026874CW5 ISIN: US026874CW57
|
|
|
|
|
|
6 |
|
|
|
3.875% UST
|
|
PX1 |
|
+180 |
6.250% Series A-1 Junior Subordinated Debentures Due 2037
|
|
CUSIP: 026874BE6 ISIN: US026874BE68 |
|
|
|
|
|
7 |
|
|
|
3.875% UST
|
|
PX1 |
|
+200 |
4.375% Notes Due 2055
|
|
CUSIP: 026874DB0 ISIN: US026874DB02 |
|
|
|
|
|
8 |
|
|
|
3.625% UST
|
|
PX1 |
|
+155 |
6.250% Notes Due 2036
|
|
CUSIP: 026874AZ0 ISIN: US026874AZ07
|
|
|
|
|
|
9 |
|
|
|
3.875% UST
|
|
PX1 |
|
+145 |
4.800% Notes Due 2045
|
|
CUSIP: 026874DF1 ISIN: US026874DF16
|
|
|
|
|
|
10 |
|
|
|
4.375% UST due
|
|
PX1 |
|
+110 |
4.375% Notes Due 2050 |
|
CUSIP: 026874DP9 ISIN: US026874DP97
|
|
|
|
|
|
11 |
|
|
|
3.625% UST due
|
|
PX1 |
|
+115 |
4.750% Notes Due 2048 |
|
CUSIP: 026874DL8 ISIN: US026874DL83
|
|
|
|
|
|
12 |
|
|
|
3.625% UST due
|
|
PX1 |
|
+125 |
4.500% Notes Due 2044 |
|
CUSIP: 026874DA2 ISIN: US026874DA29
|
|
|
|
|
|
13 |
|
|
|
4.375% UST due
|
|
PX1 |
|
+120 |
________ |
||
(1) |
For each series of Securities in respect of which a par call date is indicated, the calculation of the applicable Total Consideration will be performed taking into account such par call date. See Schedules A-1 and A-2 of the offer to purchase for an overview of the calculation of the Total Consideration (including the par call detail) with respect to the Securities. | |
(2) |
The Total Consideration payable for each |
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