Company Website:
http://www.aig.com/home_3171_411330.html
NEW YORK -- (Business Wire)
American International Group, Inc. (NYSE:AIG) today announced the final
results as of 11:59 p.m., New York City time, on July 10, 2014 (the
“Expiration Date”) of its previously announced cash tender offers for up
to $1.8 billion maximum aggregate purchase price of the junior
subordinated debentures issued or guaranteed by AIG listed in the table
below under the caption “Junior Tender Offer” (the “Junior Debt
Securities”) and up to $700 million maximum aggregate purchase price of
the senior notes and debentures issued or guaranteed by AIG listed in
the table below under the caption “Senior Tender Offer” (the “Senior
Debt Securities” and, together with the Junior Debt Securities, the
“Securities”), pursuant to its offer to purchase dated June 12, 2014
(the “Offer to Purchase”). The complete terms of the tender offers,
including certain capitalized terms used but not defined herein, are set
forth in the Offer to Purchase and, as applicable, the related letter of
transmittal.
“The successful completion of the tender offers continues to illustrate
that AIG is delivering on its capital management goals while
illustrating its financial flexibility,” said Robert H. Benmosche,
President and Chief Executive Officer of AIG.
As of the Expiration Date, the principal amount of Securities of each
series outstanding and validly tendered and accepted by AIG, the
Acceptance Priority Level (where applicable) and the Total Consideration
per $1,000, £1,000 or €1,000 principal amount are as set forth in the
table below. The Total Consideration includes an early participation
amount of $50, £50 or €50 per $1,000, £1,000 or €1,000 principal amount,
as applicable (the “Early Participation Amount”), of Securities validly
tendered prior to 5:00 p.m., New York City time, on June 25, 2014 (the
“Early Participation Date”) and accepted for purchase. Holders whose
Securities were validly tendered after the Early Participation Date and
on or prior to the Expiration Date and accepted for purchase will be
entitled to receive the Total Consideration less the Early Participation
Amount.
The Payment Date is expected to be on July 14, 2014. Holders whose
Securities are accepted for purchase will receive accrued interest up to
but not including the Payment Date.
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Title of Security | | Security Identifier(s) | | Principal Amount Outstanding | | Principal Amount Tendered | | Principal Amount Accepted | | Acceptance Priority Level | | Total Consideration(1) |
| | | | (in millions) | | (in millions) | | (in millions) | | | | |
Junior Tender Offer | | | | | | | | | | | | |
5.75% Series A-2 Junior Subordinated Debentures
| | ISIN: XS0291641420
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£244.0
| |
£78.6
| |
£71.4
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N/A
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£1,051.34
|
8.000% Series A-7 Junior Subordinated Debentures
| | ISIN: XS0365324838 (144A)
XS0365323608 (Reg. S)
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€127.0
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€77.6
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€70.4
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N/A
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€1,222.53
|
8.625% Series A-8 Junior Subordinated Debentures
| | ISIN: XS0365317113 (144A)
XS0365314284 (Reg. S)
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£138.2
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£60.6
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£54.1
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N/A
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£1,199.16
|
8½% Junior Subordinated Debentures Due 2030
| | CUSIP: 00138GAA7
ISIN: US00138GAA76
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$280.7
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$31.9
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$29.6
| |
N/A
| |
$1,351.11
|
6.25% Series A-1 Junior Subordinated Debentures
| | CUSIP: 026874BE6
ISIN: US026874BE68
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$608.7
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$126.9
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$112.4
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N/A
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$1,130.26
|
8.175% Series A-6 Junior Subordinated Debentures
| | CUSIP: 026874BS5
U02687BW7 (Reg. S)
026874BR7 (144A)
ISIN: USU02687BW75 (Reg. S)
US026874BR71 (144A)
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$3,632.6
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$870.8
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$809.4
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N/A
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$1,393.48
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7.57% Junior Subordinated Deferrable Interest Debentures, Series A
| | CUSIP: 00138GAB5
ISIN: US00138GAB59
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$272.3
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$78.0
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$71.3
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N/A
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$1,334.00
|
8⅛% Junior Subordinated Deferrable Interest Debentures, Series B
| | CUSIP: 00138GAC3
ISIN: US00138GAC33
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$445.0
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$42.4
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$39.2
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N/A
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$1,409.38
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Senior Tender Offer | | | | | | | | | | | | |
8⅛% Debentures Due April 28, 2023
| | CUSIP: 866930AB6
ISIN: US866930AB63
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$100.0
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$13.6
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$13.6
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1
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$1,306.00
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6.765% Sterling Notes Due November 15, 2017
| | ISIN:XS0827565663
ISIN: XS0702072900 (144A)
XS0702072819 (Reg. S)
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£662.2
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£125.2
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£125.2
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2
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£1,142.21
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6.797% Euro Notes Due November 15, 2017
| | ISIN: XS0827566711
ISIN: XS0702072140 (144A)
XS0702071928 (Reg. S)
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€160.9
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€99.1
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€99.1
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3
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€1,192.87
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7½% Notes Due 2025
| | CUSIP: 026351AU0
ISIN: US026351AU04
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$150.0
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$14.5
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$14.5
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4
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$1,335.97
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6.400% Notes Due 2020
| | CUSIP: 026874BW6
ISIN: US026874BW66
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$1,500.0
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$350.3
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$214.1
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5
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$1,209.69
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6⅝% Notes Due 2029
| | CUSIP: 026351AZ9
ISIN: US026351AZ90
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$150.0
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$17.3
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$0.0
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6
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$1,256.67
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5.850% Medium-Term Notes, Series G, due January 16, 2018
| | CUSIP: 02687QDG0
ISIN: US02687QDG01
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$2,500.0
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$324.8
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$0.0
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7
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$1,138.56
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6.820% Dollar Notes Due November 15, 2037
| | CUSIP: 026874CW5 (144A)
CUSIP: U02687 CJ5 (Reg. S)
ISIN:US026874CW57
ISIN: US026874CE59 (144A)
ISIN: USU02687CJ55 (Reg. S)
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$256.2
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$168.8
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$0.0
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8
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$1,363.54
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5.60% Medium-Term Notes, Series G, due October 18, 2016
| | CUSIP: 02687QBC1
ISIN: US02687QBC15
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$750.0
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$57.6
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$0.0
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9
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$1,099.07
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_____________
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(1) Assuming the Payment Date occurs on July 14, 2014.
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The tender offers were oversubscribed. Accordingly, AIG has accepted all
Junior Debt Securities validly tendered and not withdrawn on a prorated
basis, as described in the Offer to Purchase and set forth in the table
above. AIG has accepted all Senior Debt Securities validly tendered and
not withdrawn with Acceptance Priority Levels 1 through 4, and the
Senior Debt Securities validly tendered and not withdrawn with an
Acceptance Priority Level of 5 have been accepted on a prorated basis,
as described in the Offer to Purchase and set forth in the table above.
No Senior Debt Securities having Acceptance Priority Levels of 6 to 9
have been accepted by AIG.
AIG 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 was the
Information Agent and Depositary for the tender offers. For additional
information regarding the expiration of the tender offers or expected
Payment Date, 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); Wells Fargo Securities, LLC at (866) 309-6316
(toll-free) or (704) 410-4760 (collect); or 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.
Certain statements in this press release, including those describing the
payment for tendered securities in 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
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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 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.
Contacts:
American International Group, Inc.
Investors:
Liz Werner,
212-770-7074
elizabeth.werner@aig.com
or
Media:
Matt
Gallagher, 212-458-3247
matthew.gallagher2@aig.com
Source: American International Group, Inc.
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