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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American International Group Inc | NYSE:AIG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.19 | 2.91% | 77.50 | 76.62 | 75.225 | 75.34 | 4,549,231 | 01:00:00 |
American International Group, Inc. (NYSE:AIG) today commenced cash tender offers for 26 series of debt securities of AIG and one of its subsidiaries, AIG Life Holdings, Inc. The complete terms of the tender offers are set forth in two separate offers to purchase and the related letters of transmittal, each dated today. Securities that are accepted in the tender offers will be purchased, retired and cancelled by AIG or AIG Life Holdings, Inc., as applicable. Consummation of the tender offers is subject to a number of conditions, including the absence of any adverse legal and market developments and, for the maximum tender offer discussed below, a financing condition (as described in the applicable offer to purchase). Subject to applicable law, AIG may waive certain of these conditions or extend, terminate or otherwise amend one or more of the tender offers. The tender offers are not cross-conditioned, and AIG may complete some, all or none of them.
Maximum Tender Offer
AIG is offering to purchase the notes and debentures listed in Table I below in an aggregate principal amount (U.S. Dollar equivalent) of up to $3.0 billion. The early participation date for this tender offer is 5:00 p.m., New York City time, on July 1, 2015 (the “Early Participation Date”), and the expiration date for this tender offer is 11:59 p.m., New York City time, on July 16, 2015 (in each case, subject to extension). As indicated in Table I, the price to be paid for each series of notes and debentures will be either fixed or based on fixed spreads to certain reference benchmarks, as further described below. The prices to be paid for the “fixed spread” notes and debentures denominated in U.S. Dollars and Sterling will be calculated on the basis of the yield to the applicable call or maturity date of the applicable reference security listed in Table I, at 10:00 a.m., New York City time, for the “fixed spread” notes and debentures denominated in U.S. Dollars, or 3:00 p.m., London time, for the “fixed spread” notes and debentures denominated in Sterling, each on the business day following the Early Participation Date, plus the fixed spread applicable to such note or debenture as set forth in Table I. The price to be paid for the “fixed spread” notes or debentures denominated in Euros will be calculated on the basis of the rates payable on certain reference swaps, at 3:00 p.m., London time, on the business day following the Early Participation Date, plus the fixed spread applicable to such note or debenture, as described more fully in the applicable offer to purchase. Table I also sets forth the fixed price to be paid for the “fixed price” notes listed therein. Holders whose notes and debentures are accepted in this tender offer will also receive a cash payment representing accrued interest from the most recent interest payment date to, but excluding, the date AIG purchases the notes and debentures. The payment date for this offer will be promptly following its expiration and is expected to be on or about July 20, 2015.
The following is a brief summary of certain key elements of this tender offer:
Any and All Tender Offers
AIG is also offering to purchase any and all of the notes listed in Tables II and III below. These offers will expire at 5:00 p.m., New York City time, on July 1, 2015, subject to extension. Table II sets forth the fixed prices to be paid for each series of notes listed therein. The prices to be paid for each series of notes listed in Table III will be based on fixed spreads to certain reference benchmarks, determined on July 1, 2015, as described in the applicable offer to purchase. Tenders of notes may be validly withdrawn at any time at or prior to the expiration date but not thereafter. Holders whose notes are accepted in these tender offers will also receive, where applicable, a cash payment representing accrued interest from the most recent interest payment date to, but excluding, the date AIG purchases the notes. The payment date for each any and all tender offer will be promptly following its expiration and is expected to be on or about July 7, 2015.
Copies of the offer to purchase, the related letter of transmittal and the notice of guaranteed delivery for the any and all tender offers are available at the following web address: http://www.gbsc-usa.com/aig/.
# # #
This press release is qualified in its entirety by the offers to purchase and related letters of transmittal.
AIG has retained Barclays Bank PLC, Barclays Capital Inc., Credit Suisse Securities (Europe) Limited and Credit Suisse Securities (USA) LLC as the Joint Lead Dealer Managers. Global Bondholder Services Corporation is the Information Agent and Depositary. For additional information regarding the terms of the tender offers, please contact: Barclays Bank PLC at +44 (0) 207 773 8990 (international); Barclays Capital Inc. at (800) 438-3242 (toll-free) or (212) 528-7581 (collect); Credit Suisse Securities (Europe) Limited at +44 (0) 207 888 5564; or Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or (212) 538-2147 (collect). Requests for documents and questions regarding the tendering of Securities may be directed to Global Bondholder Services Corporation by telephone at (212) 430-3774 (for banks and brokers only), (866) 924-2200 (for all others toll-free) or +001 (212) 430-3774 (international), by email at aig@gbsc-usa.com or to the Joint Lead Dealer Managers at their respective telephone numbers.
This news release does not constitute an offer or an invitation by AIG to participate in the tender offers 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 offers, 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 SEC pursuant to the Securities Exchange Act of 1934.
# # #
American International Group, Inc. (AIG) is a leading global insurance organization serving customers in more than 100 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
Table I – Maximum Tender Offer
SECURITIES SUBJECT TO THE TENDER OFFER Fixed Spread Securities Fixed Price Securities Title of Security Issuer Security Identifier ApplicableCall /
Maturity
Date
PrincipalAmount
Outstanding
(millions)
Acceptance Priority Level AuthorizedDenominations
EarlyParticipation
Amount(1)
ReferenceSecurity/
Interpolated Rate
BloombergReference
Page
/Screen
FixedSpread
(basis points)
Hypothetical Total Consideration(2)
Fixed Price(3) TotalConsideration(3) 5.850% Medium-Term Notes, Series G, due January 16, 2018 AIGCUSIP: 02687QDG0
ISIN: US02687QDG01
January 16, 2018 $2,411.0 1 $2,000 and integral multiples of $1,000 in excess thereof $50 1.125% U.S. Treasury due 06/15/2018 Bloomberg PX1 55 $1,101.77 — — 6.400% Notes Due 2020 AIGCUSIP: 026874BW6
ISIN: US026874BW66
December 15, 2020 $1,250.9 2 $2,000 and integral multiples of $1,000 in excess thereof $50 1.500% U.S. Treasury due 05/31/2020 Bloomberg PX1 100 $1,184.93 — — 3.375% Notes due 2020 AIGCUSIP: 026874CX3
ISIN: US026874CX31
August 15, 2020 $1,000.0 3 $2,000 and integral multiples of $1,000 in excess thereof $50 1.500% U.S. Treasury due 05/31/2020 Bloomberg PX1 95 $1,034.26 — — 8.000% Series A-7 Junior Subordinated Debentures† AIGISIN: XS0365324838 (144A)
XS0365323608 (Reg. S)
May 22, 2018 €13.5 4 €50,000 and integral multiples thereof €50 May 2018 Interpolated Swap Rate BloombergICAE1
215 €1,152.10 — — 8.625% Series A-8 Junior Subordinated Debentures† AIGISIN: XS0365317113 (144A)
XS0365314284 (Reg. S)
May 22, 2018 £5.6 5 £50,000 and integral multiples thereof £50 5.000% UK Treasury due 03/07/2018 Bloomberg DMO2 230 £1,148.92 — — 5.60% Medium-Term Notes, Series G, due October 18, 2016 AIGCUSIP: 02687QBC1
ISIN: US02687QBC15
October 18, 2016 $645.6 6 $1,000 and integral multiples thereof $50 0.625% U.S. Treasury due 05/31/2017 Bloomberg PX1 40 $1,055.22 — — 4.375 per cent. Notes due 26 April 2016† AIGISIN: XS0252366702
April 26, 2016 €750.0 7 €50,000 and integral multiples thereof €50 — — — — €982.40 €1,032.40 5.75% Series A-2 Junior Subordinated Debentures AIGCUSIP: 026874BF3
ISIN: XS0291641420
March 15, 2017 £161.7 8 £50,000 and integral multiples thereof £50 1.750% UK Treasury due 01/22/2017 Bloomberg DMO2 215 £1,048.37 — — 4.875% Series A-3 Junior Subordinated Debentures AIGCUSIP: 026874BG1
ISIN: XS0291642154
March 15, 2017 €306.2 9 €50,000 and integral multiples thereof €50 March 2017 Interpolated Swap Rate Bloomberg ICAE1 210 €1,042.24 — — 6.765% Sterling Notes Due November 15, 2017† AIGISIN: XS0827565663
XS0702072900 (144A)
XS0702072819 (Reg. S)
November 15, 2017 £281.4 10 £100,000 and integral multiples of £1,000 in excess thereof £50 1.000% UK Treasury due 09/07/2017 Bloomberg DMO2 75 £1,120.07 — — 6.797% Euro Notes Due November 15, 2017† AIGISIN: XS0827566711
XS0702072140 (144A)
XS0702071928 (Reg. S)
November 15, 2017 €61.8 11 €100,000 and integral multiples of €1,000 in excess thereof €50 November 2017 Interpolated Swap Rate Bloomberg ICAE1 50 €1,140.22 — — 8½% Junior Subordinated Debentures due 2030 AIG Life Holdings, Inc.*CUSIP: 00138GAA7
ISIN: US00138GAA76
July 1, 2030 $116.4 12 $1,000 and integral multiples thereof $50 2.125% U.S. Treasury due 05/15/2025 Bloomberg PX1 280 $1,345.73 — — 7.57% Junior Subordinated Deferrable Interest Debentures, Series A AIG Life Holdings, Inc.*CUSIP: 00138GAB5
ISIN: US00138GAB59
December 1, 2045 $78.9 13 $100,000 and integral multiples of $1,000 in excess thereof $50 2.500% U.S. Treasury due 02/15/2045 Bloomberg PX1 265 $1,258.44 — — 8⅛% Junior Subordinated Deferrable Interest Debentures, Series B AIG Life Holdings, Inc.*CUSIP: 00138GAC3
ISIN: US00138GAC33
March 15, 2046 $227.3 14 $100,000 and integral multiples of $1,000 in excess thereof $50 2.500% U.S. Treasury due 02/15/2045 Bloomberg PX1 265 $1,338.81 — —________
* Guaranteed by AIG. † Listed on the Official List of the Irish Stock Exchange and traded on its regulated market. (1) The total consideration payable for each $1,000, £1,000 or €1,000 principal amount of notes or debentures validly tendered on or prior to 5:00 p.m., New York City time, on July 1, 2015 and accepted for purchase by AIG includes the Early Participation Amount set forth above. In addition, holders whose notes or debentures are accepted will also receive accrued interest on such note or debenture. (2) Per $1,000, £1,000 or €1,000 principal amount of notes or debentures and shows a hypothetical total consideration assuming that the yield of the reference security listed above had been measured at 10:00 a.m., New York City time (or 3:00 p.m., London time), on June 17, 2015 (see Schedule B of the offer to purchase for the maximum tender offer). (3) Per €1,000 principal amount of the 4.375 per cent. Notes due 26 April 2016.Table II—Any and All Tender Offers—Fixed Price Securities
Title of Security and Security
Identifier
IssuerPrincipal Amount
Outstanding
(millions)
Authorized
Denominations
Fixed Price Per
Reference Principal
Amount of Securities
2.275% Fixed Rate Notes Due 8 August 2016 ISIN: XS0263983040
AIG JPY 2,000.0 JPY 100,000,000 and integral multiples thereof JPY 1,027.50 2.275% Fixed Rate Notes due 8 August 2016ISIN: XS0263873373 AIG JPY 300.0 JPY 100,000,000 and integral multiples thereof JPY 1,027.50 8.59% Fixed Rate Notes due September 15, 2016*ISIN: XS0266561769 AIG MXN 265.1 MXN 1,000,000 and integral multiples of MXN 1,000 in excess thereof MXN 1,061.25 Fixed Rate Notes due 24 October 2016ISIN: XS0287306830 AIG JPY 20,000.0 JPY 10,000,000,000 and integral multiples thereof JPY 1,051.25 2.75 per cent. Notes due 2016†ISIN: CH0027962825 AIG CHF 53.0 CHF 5,000 and integral multiples thereof CHF 1,057.50 7.98% Fixed Rate Notes due 15 June 2017*ISIN: XS0305757337 AIG MXN 752.0 MXN 1,000,000 and integral multiples of MXN 1,000 in excess thereof MXN 1,075.00 3.375 per cent. Notes due 2017†ISIN: CH0031390476 AIG CHF 34.5 CHF 5,000 and integral multiples thereof CHF 1,086.25 Fixed Rate Notes due 22 November 2017ISIN: XS0309312469 AIG JPY 20,000.0 JPY 100,000,000 and integral multiples thereof JPY 1,065.00 Fixed Rate Notes due April 24, 2018ISIN: XS0309298296 AIG JPY 20,000.0 JPY 10,000,000,000 and integral multiples thereof JPY 1,080.00 Fixed Rate Notes due 23 August 2018ISIN: XS0309312113 AIG JPY 20,000.0 JPY 100,000,000 and integral multiples thereof JPY 1,080.00________
* Listed on the Official List of the Irish Stock Exchange and traded on its regulated market.
† Listed on the SIX Swiss Exchange.
Table III—Any and All Tender Offers—Fixed Spread Securities
Title of Security and
Security
Identifier
Issuer PrincipalAmount
Outstanding
(millions)
AuthorizedDenominations
Applicable
Maturity
Date
Reference
Security /
Interpolated Swap
Bloomberg
Reference
Page / Screen
Fixed
Spread
(basis
points)
Hypothetical
Total
Consideration1
5.450% Medium-Term
Notes, Series MP, Matched
Investment Program, Due May
18, 2017(2)CUSIP: 02687QBW7ISIN: US02687QBW78
AIG USD 243.7USD 1,000 and integral
multiples thereof
May 18, 20170.625% U.S.
Treasury due
May 31, 2017
Bloomberg PX1 60 USD 1,075.815.000 per cent. notes due
2017(3)*ISIN: XS0307512722
AIG EUR 370.2EUR 50,000 and integral
multiples thereof
June 26, 2017June 2017
Interpolated Swap
Rate
Bloomberg ICAE1 18 EUR 1,091.40________
* Listed on the Official List of the Irish Stock Exchange and traded on its regulated market.
(1) Per USD 1,000 or EUR 1,000 principal amount of notes and shows a hypothetical total consideration assuming that the yield of the reference security listed above has been measured at 10:00 a.m., New York City time and 3:00 p.m., London time, respectively, on June 17, 2015 (see Schedule B of the offer to purchase for the any and all tender offer). Actual total consideration may differ.
(2) The price paid for these notes will be an amount that would reflect, on the date of purchase, a yield to the applicable maturity date equal to the sum of the yield of the reference security listed above at 10:00 a.m., New York City time, on July 1, 2015, plus the Fixed Spread set forth above.
(3) The price paid for these notes will be an amount that would reflect, on the date of purchase, a yield to the applicable maturity date equal to the sum of the interpolated swap rate indicated above at 3:00 p.m., London time, on July 1, 2015, plus the Fixed Spread set forth above.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150618005663/en/
American International Group, Inc.Investors:Liz Werner, 212-770-7074elizabeth.werner@aig.comorMedia:Jennifer Hendricks Sullivan, 212-770-3141jennifer.sullivan@aig.com
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