American International Group, Inc. (NYSE:AIG) today announced
the results as of the early participation date of its previously
announced cash tender offer for the notes and debentures issued or
guaranteed by AIG listed in the table below. As previously
announced, the early participation date for the tender offer was
5:00 p.m., New York City time, on July 1, 2015. The complete terms
of the tender offer are set forth in the offer to purchase dated
June 18, 2015 (the “Offer to Purchase”) and the related letter of
transmittal. The expiration date of the tender offer is
11:59 p.m., New York City time, on July 16, 2015, unless
extended. The payment date for this tender offer will be promptly
following its expiration and is expected to be on or about July 20,
2015. Consummation of the tender offer is subject to a number of
conditions, including a financing condition (as described in the
Offer to Purchase). Withdrawal rights for the tender offer expired
at 5:00 p.m., New York City time, on July 1, 2015 and have not
been extended.
AIG has increased the maximum amount of notes and debentures it
can purchase in the tender offer to an aggregate principal amount
(U.S. Dollar equivalent) of $3.3 billion. Assuming no notes or
debentures are validly tendered after the early participation date,
AIG intends to accept for purchase all notes and debentures validly
tendered and not withdrawn prior to 5:00 p.m., New York City time,
on July 1, 2015. If the aggregate principal amount of notes or
debentures validly tendered prior to the expiration date exceeds
$3.3 billion, AIG will accept for payment all notes or debentures
validly tendered in accordance with the acceptance priority levels
set forth in the table below. If there are sufficient remaining
funds to purchase some, but not all, of the remaining tendered
notes or debentures at any acceptance priority level without
exceeding the tender cap, AIG will accept for payment such tendered
notes or debentures on a prorated basis.
As previously announced, the applicable “Reference Yield” and
resulting “Total Consideration” for each series of “Fixed Spread”
notes and debentures included in the tender offer will be
determined (i) with respect to each series of notes or
debentures denominated in U.S. Dollars at 10:00 a.m., New York City
time, today and (ii) with respect to each series of securities
denominated in Sterling or Euro at 3:00 p.m., London time,
today. See the Offer to Purchase for additional information.
Copies of the Offer to Purchase and the related letter of
transmittal are available at the following web address:
http://www.gbsc-usa.com/aig/.
# # #
This press release is qualified in its entirety by the Offer to
Purchase and related letter 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 offer, 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 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
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.
Principal
Amount Principal Principal Tendered
Percent of Amount Acceptance Amount
(U.S. Dollar Amount Outstanding
Priority Tendered equivalent)
Outstanding Title of Security Issuer
Security Identifier
(millions)
Levels
(millions)
(millions)
Tendered 5.850% Medium-Term Notes, AIG CUSIP: 02687QDG0
$2,411.0 1 $1,301.9 $1,301.9 54.0% Series G, due January 16, ISIN:
US02687QDG01 2018 6.400% Notes Due 2020 AIG CUSIP: 026874BW6
$1,250.9 2 $542.8 $542.8 43.4% ISIN: US026874BW66 3.375%
Notes due 2020 AIG CUSIP: 026874CX3 $1,000.0 3 $361.5 $361.5 36.2%
ISIN: US026874CX31 8.000% Series A-7 Junior AIG ISIN:
XS0365324838 (144A) €13.5 4 €0.6 $0.7 4.4% Subordinated Debentures†
XS0365323608 (Reg. S) 8.625% Series A-8 Junior AIG ISIN:
XS0365317113 (144A) £5.6 5 £0.0 $0.0 0.0% Subordinated Debentures†
XS0365314284 (Reg. S) 5.60% Medium-Term Notes, AIG CUSIP:
02687QBC1 $645.6 6 $337.0 $337.0 52.2% Series G, due October 18,
ISIN: US02687QBC15 2016 4.375 per cent. Notes due AIG ISIN:
XS0252366702 €750.0 7 €108.0 $119.5 14.4% 26 April 2016†‡
5.75% Series A-2 Junior AIG CUSIP: 026874BF3 £161.7 8 £73.5 $114.9
45.5% Subordinated Debentures ISIN: XS0291641420 4.875%
Series A-3 Junior AIG CUSIP: 026874BG1 €306.2 9 €143.6 $158.9 46.9%
Subordinated Debentures ISIN: XS0291642154 6.765% Sterling
Notes Due AIG ISIN: XS0827565663 £281.4 10 £178.1 $278.4 63.3%
November 15, 2017† XS0702072900 (144A) XS0702072819 (Reg. S)
6.797% Euro Notes Due AIG ISIN: XS0827566711 €61.8 11 €20.6 $22.8
33.4% November 15, 2017† XS0702072140 (144A) XS0702071928 (Reg. S)
8½% Junior Subordinated AIG Life CUSIP: 00138GAA7 $116.4 12
$0.0 $0.0 0.0% Debentures due 2030 Holdings, ISIN: US00138GAA76
Inc.* 7.57% Junior Subordinated AIG Life CUSIP: 00138GAB5
$78.9 13 $0.0 $0.0 0.0% Deferrable Interest Holdings, ISIN:
US00138GAB59 Debentures, Series A Inc.* 8⅛% Junior
Subordinated AIG Life CUSIP: 00138GAC3 $227.3 14 $0.0 $0.0 0.0%
Deferrable Interest Holdings, ISIN: US00138GAC33 Debentures, Series
B Inc.*
* Guaranteed by AIG.
† Listed on the Official List of the Irish Stock Exchange and
traded on its regulated market.
‡ The 4.375 per cent. Notes due 26 April 2016 are “Fixed Price”
notes with a previously announced “Total Consideration” equal to
€1,032.40 per €1,000 principal amount of notes validly tendered
prior to 5:00 p.m., New York City time, on the early participation
date, and accepted for purchase by AIG. See the table following the
cover page to the Offer to Purchase for additional information.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150702005343/en/
American International Group, Inc.Liz Werner (Investors),
212-770-7074elizabeth.werner@aig.comorJennifer Hendricks Sullivan
(Media), 212-770-3141jennifer.sullivan@aig.com
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