NEW YORK--Mar. 5, 2009--
American International Group, Inc. (AIG) today announced that on March
4, 2009, it issued 100,000 shares of Series C Perpetual, Convertible,
Participating Preferred Stock to the AIG Credit Facility Trust, a trust
established for the sole benefit of the United States Treasury. This
issuance results in a change of control of AIG, as the Series C
Preferred Stock holds approximately 77.9 percent of the aggregate voting
power of the AIG common stock, treating the Series C Preferred Stock as
As noted in the company’s most recent Annual Report on Form 10-K, the
shares of Series C Preferred Stock were issued pursuant to the Series C
Perpetual, Convertible, Participating Preferred Stock Purchase
Agreement, dated as of March 1, 2009, between the Trust and AIG, and in
accordance with the Credit Agreement, dated as of September 22, 2008,
between AIG and the Federal Reserve Bank of New York.
More information on the Series C Preferred Stock can be found in the
company’s Annual Report on Form 10-K, filed on Monday, March 2, 2009,
and available at: www.aig.com.
American International Group, Inc. (AIG), a world leader in insurance
and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
American International Group, Inc.
L. Watson, 212-770-7074