American International Group, Inc. (NYSE: AIG) today announced the final
results as of 11:59 p.m., New York City time, on March 21, 2016, the
expiration date, of its previously announced cash tender offer for up to
$1.0 billion (U.S. Dollar equivalent) aggregate principal amount of the
notes and debentures issued or guaranteed by AIG listed in the table
below, pursuant to its offer to purchase dated February 23, 2016 (the
“Offer to Purchase”). The complete terms of the tender offer are set
forth in the Offer to Purchase and the related letter of transmittal.
AIG has accepted all notes and debentures validly tendered and not
validly withdrawn.
As of the expiration date, the principal amount of notes and debentures
of each series validly tendered and accepted by AIG, the acceptance
priority level and the “Total Consideration” per $1,000, £1,000 or
€1,000 principal amount are as set forth in the table below. The Total
Consideration includes an early participation amount of $50, £50 or €50
per $1,000, £1,000 or €1,000 principal amount, as applicable, to be paid
to holders who validly tendered and did not validly withdraw their notes
and debentures at or prior to 5:00 p.m., New York City time, on March 7,
2016 and whose securities have been accepted for purchase by AIG.
Holders who validly tendered their notes or debentures after 5:00 p.m.,
New York City time, on March 7, 2016, and on or prior to the expiration
date and whose securities have been accepted for purchase will receive
only the applicable “Tender Offer Consideration,” which is equal to the
Total Consideration less the early participation amount.
The payment date is expected to be on or about March 23, 2016. 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 payment date.
This press release is qualified in its entirety by the Offer to Purchase
and related letter of transmittal.
AIG retained Credit Suisse Securities (Europe) Limited, Credit Suisse
Securities (USA) LLC and Wells Fargo Securities, LLC as the Joint Lead
Dealer Managers. Global Bondholder Services Corporation was the
Information Agent and Depositary. For additional information regarding
the expiration of the tender offer or the expected payment date, please
contact: Credit Suisse Securities (Europe) Limited at +44 (0) 207 888
5564; Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free)
or (212) 538-2147 (collect); Wells Fargo Securities, LLC at (866)
309-6316 (toll-free) or (704) 410-4760 (collect); or 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), or by email at aig@gbsc-usa.com.
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 SEC pursuant to the Securities Exchange Act of 1934.
American International Group, Inc. (AIG) is a leading global insurance
organization. Founded in 1919, today we provide a wide range of property
casualty insurance, life insurance, retirement products, mortgage
insurance and other financial services to customers in more than 100
countries and jurisdictions. Our diverse offerings include products and
services that help businesses and individuals protect their assets,
manage risks and provide for retirement security. 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
and www.aig.com/strategyupdate
| YouTube: www.youtube.com/aig
| Twitter: @AIGinsurance | LinkedIn: http://www.linkedin.com/company/aig.
These references with additional information about AIG have been
provided as a convenience, and the information contained on such
websites is not incorporated by reference into this press release.
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.
Title of Security
|
|
Issuer
|
|
Security Identifier(s)
|
|
Principal Amount Outstanding
(millions)
|
|
Acceptance Priority Level
|
|
Principal Amount Tendered and Accepted
(millions)
|
|
Principal Amount Tendered and Accepted
(U.S. Dollar equivalent) (millions)
|
|
Total Consideration(1)
|
8⅛% Junior Subordinated
|
|
AIG Life
|
|
CUSIP: 00138GAC3
|
|
$227.3
|
|
1
|
|
$15.3
|
|
$15.3
|
|
$18,917,056.48
|
Deferrable Interest
|
|
Holdings, Inc.*
|
|
ISIN: US00138GAC33
|
|
|
|
|
|
|
|
|
|
|
Debentures, Series B
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.175% Series A-6 Junior
|
|
AIG
|
|
CUSIP: 026874BS5
|
|
$607.2
|
|
2
|
|
$169.4
|
|
$169.4
|
|
$211,484,081.64
|
Subordinated Debentures
|
|
|
|
026874BR7 (144A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U02687BW7 (Reg. S)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ISIN: US026874BS54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US026874BR71 (144A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USU02687BW75 (Reg. S)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.25% Series A-1 Junior
|
|
AIG
|
|
CUSIP: 026874BE6
|
|
$403.2
|
|
3
|
|
$290.6
|
|
$290.6
|
|
$302,307,547.24
|
Subordinated Debentures
|
|
|
|
ISIN: US026874BE68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8½% Junior Subordinated
|
|
AIG Life
|
|
CUSIP: 00138GAA7
|
|
$116.4
|
|
4
|
|
$2.3
|
|
$2.3
|
|
$3,045,702.12
|
Debentures due 2030
|
|
Holdings, Inc.*
|
|
ISIN: US00138GAA76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.57% Junior
|
|
AIG Life
|
|
CUSIP: 00138GAB5
|
|
$78.9
|
|
5
|
|
$6.1
|
|
$6.1
|
|
$7,064,403.50
|
Subordinated Deferrable
|
|
Holdings, Inc.*
|
|
ISIN: US00138GAB59
|
|
|
|
|
|
|
|
|
|
|
Interest Debentures,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.625% Series A-8 Junior
|
|
AIG
|
|
ISIN: XS0365317113 (144A)
|
|
£5.6
|
|
6
|
|
£0.1
|
|
$0.1
|
|
£112,932.00
|
Subordinated Debentures†
|
|
|
|
XS0365314284 (Reg. S)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.000% Series A-7 Junior
|
|
AIG
|
|
ISIN: XS0365324838 (144A)
|
|
€12.9
|
|
7
|
|
€0.5
|
|
$0.6
|
|
€565,360.00
|
Subordinated Debentures†
|
|
|
|
XS0365323608 (Reg. S)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.60% Debentures Due
|
|
SunAmerica
|
|
CUSIP: 866930AG5
|
|
$20.3
|
|
8
|
|
$0.4
|
|
$0.4
|
|
$318,430.71
|
July 31, 2097
|
|
Inc.**
|
|
ISIN: US866930AG50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6⅝% Notes
|
|
AIG Life
|
|
CUSIP: 026351AZ9
|
|
$150.0
|
|
9
|
|
$2.9
|
|
$2.9
|
|
$3,346,963.55
|
Due 2029
|
|
Holdings, Inc.*
|
|
ISIN: US026351AZ90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.820% Dollar Notes Due
|
|
AIG
|
|
CUSIP: 026874CW5
|
|
$243.5
|
|
10
|
|
$66.4
|
|
$66.4
|
|
$77,704,163.68
|
November 15, 2037
|
|
|
|
026874CE5 (144A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U02687 CJ5 (Reg. S)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ISIN:US026874CW 57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US026874CE59 (144A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USU02687CJ55 (Reg. S)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.25% Notes
|
|
AIG
|
|
CUSIP: 026874AZ0
|
|
$1,000.0
|
|
11
|
|
$182.4
|
|
$182.4
|
|
$199,762,626.90
|
Due 2036
|
|
|
|
026874AY3 (144A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U02687AF5 (Reg. S)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ISIN: US026874AZ07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US026874AY32 (144A)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USU02687AF51 (Reg. S)
|
|
|
|
|
|
|
|
|
|
|
________
|
*
|
|
Guaranteed by AIG.
|
|
|
|
**
|
|
All obligations of SunAmerica Inc. were assumed by AIG in 1999.
|
|
|
|
†
|
|
Listed on the Official List of the Irish Stock Exchange and traded
on its regulated market.
|
|
|
|
(1)
|
|
Assuming payment is made on March 23, 2016. Per $1,000, £1,000 or
€1,000 principal amount of notes or debentures. The Total
Consideration includes an early participation amount of $50, £50 or
€50 per $1,000, £1,000 or €1,000 principal amount, as applicable, to
be paid to holders who validly tendered and did not validly withdraw
their notes and debentures at or prior to 5:00 p.m., New York City
time, on March 7, 2016 and whose securities have been accepted for
purchase by AIG. Holders whose notes or 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 payment date.
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160322006108/en/
Copyright Business Wire 2016