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AIG and the U.S Department of the Treasury Commence Offering of AIG Common Stock

^{Published on 2011-05-11 04:30:56 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--American International Group, Inc. (NYSE: AIG) announced today that it and the U.S. Department of the Treasury (aTreasurya), as the selling shareholder, have commenced a registered public offering of AIG common stock, par value $2.50 per share. One hundred million shares will be issued and sold by AIG and 200 million shares will be sold by the selling shareholder. Treasury will also grant the underwriters an option to purchase up to 45 million additional shares from it to cover over-allotments, if any.

AIG will not receive any of the proceeds from the sale of the shares of AIG common stock by Treasury. AIG intends to use $550 million of the net proceeds from this offering to fund part of a previously disclosed litigation settlement, and to use the balance of the net proceeds for general corporate purposes.

BofA Merrill Lynch, Deutsche Bank Securities, Goldman, Sachs & Co. and J.P. Morgan Securities LLC are serving as joint global coordinators, and Barclays Capital, Citi, Credit Suisse Securities (USA) LLC, Macquarie Capital, Morgan Stanley, UBS Investment Bank, and Wells Fargo Securities are serving as joint bookrunners for the offering.

The offering will be made under AIGa™s shelf registration statement filed with the Securities and Exchange Commission and only by means of a prospectus supplement and accompanying prospectus. When available, a copy of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from the Securities and Exchange Commissiona™s Web site at [ www.sec.gov ]or by contacting any of (i) BofA Merrill Lynch , Attn: Prospectus Department, 4 World Financial Center, New York, New York 10080 or by emailing [ dg.prospectus_requests@baml.com ]; (ii) Deutsche Bank Securities Inc., Attn: Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, New Jersey 07311-3988, by calling 800-503-4611 or by emailing [ prospectus.cpdg@db.com ]; (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 [ prospectus-ny@ny.gmail.gs.com ]; or (iv) J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department or by calling 866-803-9204.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any shares of AIG common stock, nor will there be any sale of AIG common stock in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

No assurance can be given that the contemplated offering will be completed or, if completed, what the ultimate size or terms of the offering will be.

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, as well as the stock exchanges in Ireland and Tokyo.