AIG to Redeem 7.70% Junior Subordinated Debentures Due 2047
NEW YORK -- March 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 Debentures.
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 | YouTube:
www.youtube.com/aig | Twitter: @AIG_LatestNews | LinkedIn:
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.
American International Group, Inc.
Jon Diat, 917-239-9241
Jim Ankner, 917-882-7677
Liz Werner, 212-770-7074
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