Corebridge’s $500 Million Preferred Offering

Cleary Gottlieb represented the underwriters in an offering of $500 million principal amount of 6.87% fixed rate reset non-cumulative Series A preferred stock by Corebridge Financial Inc. (Corebridge).

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

The preferred offering was led by Wells Fargo Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC as the lead joint book-running managers and representatives of the underwriters. In all, 19 underwriters participated in the preferred offering, which priced on November 13, 2025. The preferred offering closed on November 18, 2025.

Most recently, Cleary represented the underwriter in the $1 billion secondary public offering by AIG of shares of Corebridge common stock in November 2025, the underwriter in the $1 billion secondary public offering by AIG of shares of Corebridge common stock in August 2025, and the underwriters in Corebridge’s subordinated notes offering that raised $600 million in November 2024.

Cleary was also counsel to the underwriters in Corebridge’s hybrid notes offering that raised $750 million in September 2024, the underwriters in Corebridge’s senior notes offering that raised $750 million in December 2023, and the underwriters in the $936 million secondary public offering by AIG of shares of Corebridge common stock in November 2024.

The Cleary corporate team included partners Synne Chapman, Craig Brod, and Jeff Karpf, senior attorney Elizabeth Chang, and associates Harry Morgan, Marc Chien, Omelebele Edeoga, and Sreya Pinnamaneni. Partner Matt Brigham and associate Nathaniel Pribil advised on tax matters, with assistance from law clerk Seth Stancroff. Partners Chase Kaniecki and Sam Chang advised on regulatory matters.