Corebridge’s $1.1 Billion Secondary Offering

June 7, 2023

Cleary Gottlieb is representing the underwriters in Corebridge Financial Inc.’s (Corebridge) $1.1 billion secondary public offering.

Corebridge is the life and retirement subsidiary of American International Group Inc. (AIG).

AIG is offering 65 million shares of Corebridge common stock at a price to public of $16.25 per share. AIG has also granted the underwriters an option to purchase up to an additional 9.75 million shares of common stock. All of the shares are being offered by AIG as the selling stockholder, and Corebridge will not receive any proceeds from the sale of shares by AIG.

The offering priced on June 7, 2023, and is expected to close on June 12, 2023, subject to customary closing conditions.

Cleary has represented the underwriters in numerous prior securities offerings by AIG and by Corebridge, dating back to AIG’s re-IPO in 2011. Most recently, Cleary represented the underwriters in AIG’s senior notes offering that raised $750 million in March 2023 and in Corebridge’s $1.7 billion initial public offering in September 2022, the largest IPO of 2022.

J.P. Morgan is acting as global coordinator and an active bookrunner for the offering. Morgan Stanley, BofA Securities, and Piper Sandler are acting as active bookrunners for the offering.

For more information, please see the press release here.