Corebridge’s $1.7 Billion IPO

September 15, 2022

Cleary Gottlieb is representing the underwriters in Corebridge Financial Inc.’s (Corebridge) $1.7 billion initial public offering.

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

AIG is offering 80 million shares of Corebridge common stock at a price to public of $21 per share. AIG has also granted the underwriters an option to purchase up to an additional 12 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 September 14, 2022, and is expected to close on September 19, 2022, subject to customary closing conditions. Corebridge’s shares will begin trading on the New York Stock Exchange on September 15, 2022, under the ticker symbol “CRBG.”

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 initial purchasers in Corebridge’s fixed-to-fixed reset rate junior subordinated notes offering that raised $1 billion in August 2022.

J.P. Morgan is acting as global coordinator and a lead active bookrunner for the offering. Morgan Stanley and Piper Sandler are acting as lead active bookrunners and BofA Securities, Citigroup, and Goldman Sachs & Co. LLC are acting as active bookrunners for the offering.

For more information, see the press release here.