American International Group, Inc. (NYSE:AIG) today announced
the pricing of the U.S. dollar-denominated debt securities issued
or guaranteed by AIG (the “Dollar Securities”) subject to its
previously announced cash tender offers (the “Tender Offers”)
pursuant to its offer to purchase dated June 12, 2014 (the
“Offer to Purchase”).
The reference yield for each series of Dollar Securities was
calculated as of 2:00 p.m., New York City time, on June 25, 2014,
based on the bid-side price of the applicable reference security
displayed on Bloomberg Page PX1 set forth in the table below. The
complete terms of the Tender Offers are set forth in the Offer to
Purchase, including certain capitalized terms used but not defined
herein, and, as applicable, the related letter of transmittal. The
reference yields will be used to determine the consideration paid
for each series of Dollar Securities that are accepted for purchase
after expiration of the Tender Offers.
The expiration date of the Tender Offers is 11:59 p.m., New York
City time, on July 10, 2014, unless extended (the “Expiration
Date”). Holders who have not already tendered their Dollar
Securities may continue to do so at any time prior to the
Expiration Date, in accordance with the procedures described in the
Offer to Purchase and related letter of transmittal (together, the
“Offer Documents”). Holders who validly tender and do not withdraw
their Dollar Securities on or prior to 5:00 p.m., New York City
time, on June 25, 2014, unless extended (the “Early Participation
Date”), and whose Dollar Securities are accepted for purchase
pursuant to the Tender Offers, will receive the Total Consideration
set forth below, which includes an early participation amount of
$50.00 per $1,000 principal amount of Dollar Securities validly
tendered and accepted for purchase (the “Early Participation
Amount”). Holders validly tendering their Dollar Securities after
the Early Participation Date and on or prior to the Expiration Date
will not be entitled to receive the Early Participation Amount.
Tenders of Dollar Securities may be validly withdrawn at any time
at or prior to 5:00 p.m., New York City time, on June 25, 2014, but
not thereafter.
The key pricing details for Dollar Securities included in the
Tender Offers are as follows:
Title of
Security Security Identifier(s)
PrincipalAmountOutstanding
Reference Security
ReferenceYield(1)
FixedSpread
TotalConsideration(1)(2)(3)
(in millions)
(basispoints)
Junior Tender Offer 8½% Junior Subordinated Debentures Due
2030
CUSIP:
00138GAA7
ISIN:
US00138GAA76
$280.7 3.625%U.S. Treasury Bonds
due February 15, 2044
3.379% 185 $1,351.11 6.25% Series A-1 Junior Subordinated
Debentures
CUSIP:
026874BE6
ISIN:
US026874BE68
$608.7 3.625%U.S. Treasury Bonds
due February 15, 2044
3.379% 188 $1,130.26 8.175% Series A-6 Junior Subordinated
Debentures
CUSIP:
026874BS5
U02687BW7 (Reg. S)
026874BR7 (144A)
ISIN:
USU02687BW75 (Reg. S)
US026874BR71 (144A)
$3,632.6 3.625%U.S. Treasury Bonds
due February 15, 2044
3.379% 188 $1,393.48 7.57% Junior Subordinated Deferrable Interest
Debentures, Series A
CUSIP:
00138GAB5
ISIN:
US00138GAB59
$272.3 3.625%U.S. Treasury Bonds
due February 15, 2044
3.379% 198 $1,334.00 8⅛% Junior Subordinated Deferrable Interest
Debentures, Series B
CUSIP:
00138GAC3
ISIN:
US00138GAC33
$445.0 3.625%U.S. Treasury Bonds
due February 15, 2044
3.379% 203 $1,409.38
Senior Tender Offer
8⅛% DebenturesDue April 28, 2023
CUSIP:
866930AB6
ISIN:
US866930AB63
$100.0 2.5%U.S. Treasury Bonds due May 15, 2024 2.566% 140
$1,306.00 7½% Notes Due 2025
CUSIP:
026351AU0
ISIN:
US026351AU04
$150.0 2.5%U.S. Treasury Bonds due May 15, 2024 2.566% 118
$1,335.97 6.400% Notes Due 2020
CUSIP:
026874BW6
ISIN:
US026874BW66
$1,500.0 1.5%U.S. Treasury Notes due May 31, 2019 1.657% 115
$1,209.69 6⅝% Notes Due 2029
CUSIP:
026351AZ9
ISIN:
US026351AZ90
$150.0 2.5%U.S. Treasury Bonds due May 15, 2024 2.566% 168
$1,256.67 5.850% Medium-Term Notes, Series G, due January 16, 2018
CUSIP:
02687QDG0
ISIN:
US02687QDG01
$2,500.0 1.5%U.S. Treasury Notes due May 31, 2019 1.657% 10
$1,138.56 6.820% Dollar NotesDue November 15, 2037
CUSIP:
026874CW5 (144A)
CUSIP: U02687
CJ5 (Reg. S)
ISIN:US026874CW57
ISIN:
US026874CE59 (144A)
ISIN:
USU02687CJ55 (Reg. S)
$256.2 3.625%U.S. Treasury Bonds
due February 15, 2044
3.379% 95 $1,363.54 5.60% Medium-Term Notes, Series G, due October
18, 2016
CUSIP:
02687QBC1
ISIN:
US02687QBC15
$750.0 0.375%U.S. Treasury Notes due May 31, 2016 0.448% 70
$1,099.07
_______________
(1) The Total Consideration payable for each series
of Dollar Securities will be a price per $1,000 principal amount
equal to an amount that would reflect, as of the Payment Date, a
yield to the applicable call or maturity date of such series of
Dollar Securities set forth in the Offer to Purchase equal to the
sum of the yield to maturity of the applicable reference security
specified above, as set forth on Bloomberg Page PX1 as of 2:00
p.m., New York City time, on June 25, 2014 (the “Reference Yield”),
plus the applicable fixed spread specified above, minus accrued and
unpaid interest thereon from the last interest payment date to but
not including the Payment Date. (2) Per $1,000 principal amount
validly tendered and accepted for purchase, as calculated in
accordance with the Offer to Purchase, and assuming a July 14, 2014
Payment Date. (3) Includes the Early Participation Amount. Holders
whose Dollar Securities are accepted in the Tender Offers will also
receive accrued and unpaid interest from the last interest payment
date to but not including the Payment Date.
The complete terms of the Tender Offers, including information
with respect to the amount of securities sought and, in the case of
the senior Dollar Securities listed in the table above, the
acceptance priority levels, are described in the Offer
Documents.
AIG has retained Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, J.P. Morgan Securities LLC, J.P. Morgan
Securities plc and Wells Fargo Securities, LLC as the Joint Lead
Dealer Managers; ANZ Securities, Inc., Mizuho Securities USA Inc.,
Santander Investment Securities Inc., SMBC Nikko Securities
America, Inc. and Standard Chartered Bank as Co-Dealer Managers and
ING Financial Markets LLC, Natixis Securities Americas LLC, PNC
Capital Markets LLC, Samuel A. Ramirez & Company, Inc., Sandler
O’Neill & Partners, L.P. and The Williams Capital Group, L.P.
as Junior Co-Dealer Managers, for the Tender Offers. Global
Bondholder Services Corporation is the Information Agent and
Depositary for the Tender Offers. For additional information
regarding the terms of the Tender Offers, please contact: Citigroup
Global Markets Inc. at (800) 558-3745 (toll-free) or (212) 723-6106
(collect); Credit Suisse Securities (USA) LLC at (800) 820-1653
(toll-free) or (212) 538-2147 (collect); J.P. Morgan Securities LLC
at (866) 834-4666 (toll-free) or (212) 834-4811 (collect); J.P.
Morgan Securities plc at (+44) 20 7134 3414 (collect) or Wells
Fargo Securities, LLC at (866) 309-6316 (toll-free) or (704)
410-4760 (collect). Requests for documents and questions regarding
the tendering of Dollar Securities may be directed to Global
Bondholder Services Corporation by telephone at (212) 430-3774 (for
banks and brokers only), (866) 470-3800 (for all others toll-free)
or +001-212-430-3774 (international), by email at aig@gbsc-usa.com
and online at www.gbsc-usa.com/aig.
This news release does not constitute an offer or an invitation
by AIG to participate in the Tender Offers 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 Offers, 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 |
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.
AIGInvestors:Liz Werner,
212-770-7074elizabeth.werner@aig.comorMedia:Molly Binenfeld,
212-770-3141molly.binenfeld@aig.com
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