AIG’s $4.1 Billion Offering

May 11, 2020

Cleary Gottlieb represented the underwriters in a series of debt offerings that raised an aggregate of $4.1 billion for American International Group (AIG).

The offerings consisted of $1.5 billion aggregate principal amount of 2.5% notes due 2025, $1.6 billion aggregate principal amount of 3.4% notes due 2030, and $1 billion aggregate principal amount of 4.375% notes due 2050.

Cleary has represented the underwriters in numerous prior securities offerings by AIG, most recently a preferred stock offering and notes offering that raised an aggregate of $1.1 billion.

The notes offerings were led by Citigroup and J.P. Morgan as global coordinators, as representatives of the underwriters, and, together with BNP PARIBAS, BofA Securities, HSBC, Morgan Stanley, RBC Capital Markets, and US Bancorp, as joint bookrunning managers. In all, 41 underwriters participated in the notes offerings, which priced on May 6, 2020. The offerings closed on May 11, 2020.

AIG is a leading global insurance organization founded in 1919. Today it provides a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. Its diverse offerings include products and services that help businesses and individuals protect their assets, manage risks, and provide for retirement security.