NEW YORK--(BUSINESS WIRE)--Mar. 7, 2013--
American International Group, Inc. (NYSE: AIG) today announced that it
will redeem all of its outstanding 7.70% Series A-5 Junior Subordinated
Debentures due 2047 (CUSIP No. 026874859) (NYSE: AVF) (the “Debentures”)
on March 18, 2013 (the “Redemption Date”). On the Redemption Date, AIG
will pay to the registered holders of the Debentures a redemption price
of 100% of the principal amount outstanding, plus accrued and unpaid
interest to, but excluding, the Redemption Date to holders of record at
the close of business on March 15, 2013. As of March 7, 2013,
$1,100,000,000 aggregate principal amount of Debentures were outstanding.
“This transaction marks another important milestone in delivering on
AIG’s capital management goals and another example of our financial
flexibility,” said Robert H. Benmosche, President and Chief Executive
Officer of AIG. “In particular, the redemption reduces expensive debt,
improves our interest coverage ratios, and puts us in a position to
remain opportunistic with respect to liability management going forward.”
The Debentures are held only in book-entry form through the Depositary
Trust Corporation (“DTC”). DTC will redeem the Debentures in accordance
with its procedures and notify the holders. Holders of the Debentures
need not take any action to receive payment of the redemption price.
This press release does not constitute a notice of redemption of the
Debentures. Holders of the Debentures should refer to the notice of
redemption to be delivered to the registered holders of the Debentures
by The Bank of New York Mellon, the trustee with respect to the
Certain statements in this press release, including those describing the
completion of the redemption, 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 international
insurance organization serving customers in more than 130 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
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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 jurisdictions, 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.
Source: American International Group, Inc.
American International Group, Inc.