NEW YORK--(BUSINESS WIRE)--Sep. 10, 2012--
American International Group, Inc. (NYSE: AIG) today announced that the
U.S. Department of the Treasury (Treasury) has priced an offering of
approximately 553.8 million shares of its AIG common stock at the
initial public offering price of $32.50 per share. Treasury has also
granted a 30-day option to the underwriters for the offering to purchase
up to an additional approximately 83.1 million shares to cover
over-allotments, if any. In connection with Treasury’s offering, AIG has
agreed to purchase approximately 153.8 million shares of AIG common
stock in the offering at the initial public offering price for an
aggregate purchase amount of approximately $5 billion.
“This offering, Treasury’s largest to date, makes America whole on its
investments in AIG plus a profit,” said Robert H. Benmosche, AIG
President and Chief Executive Officer. “We are close to achieving what
most outside AIG thought unimaginable. The people of AIG never lost
faith, kept working, and are grateful for being given the chance to make
good on this goal.”
Treasury currently owns approximately 53.4 percent of AIG’s common stock
outstanding. Assuming completion of this offering and a $5 billion share
repurchase at the initial public offering price of $32.50 per share,
Treasury would own approximately 21.5 percent of AIG’s common stock then
outstanding (approximately 15.9 percent if the over-allotment option is
exercised in full).
Citigroup, Deutsche Bank Securities Inc., Goldman, Sachs & Co., and J.P.
Morgan Securities LLC have been retained as joint global coordinators
for the offering. BofA Merrill Lynch, Barclays Capital Inc., Morgan
Stanley & Co. LLC, RBC Capital Markets, LLC, UBS Securities LLC, Wells
Fargo Securities, LLC and Credit Suisse Securities (USA) LLC have been
retained as joint book-runners for the offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein, nor
shall there be any sale of these securities in any jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, no assurance can be given that the offering or purchase will
be completed. These forward-looking 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. Except for AIG’s ongoing obligation to disclose material
information as required by federal securities laws, AIG is not under any
obligation (and expressly disclaims any obligation) to update or alter
any projections, goals, assumptions, or other statements, whether
written or oral, that may be made from time to time, whether as a result
of new information, future events or otherwise.
AIG has filed a registration statement (including a prospectus) with the
Securities and Exchange Commission (SEC) for the offering to which this
communication relates. Before you invest, you should read the prospectus
in that registration statement and other documents that AIG has filed
with the SEC for more complete information about AIG and this offering.
You may get these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov.
Alternatively, AIG, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it from
(i) Citigroup Global Markets Inc., Attn: Prospectus Department, Brooklyn
Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, by
calling 800-831-9146 or emailing email@example.com,
(ii) Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall
Street, New York, NY 10005-2836, by calling 1-800-503-4611, or by
(iii) Goldman, Sachs & Co. Attn: Prospectus Department, 200 West Street,
New York, New York 10282, by calling toll-free 866-471-2526, by faxing
212-902-9316 or by emailing firstname.lastname@example.org,
or (iv) J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717, by calling 866 803-9204.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries. 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.
Source: American International Group, Inc.
American International Group, Inc.
Jim Ankner (News Media)
(C): (917) 882-7677
(O): (212) 770-7074