Corebridge’s $876 Million Secondary Offering

Cleary Gottlieb is representing Morgan Stanley & Co. LLC, as underwriter, in an $876 million secondary public offering by American International Group Inc. (AIG) of shares of common stock of Corebridge Financial Inc. (Corebridge) at a price to the public of $29.20 per share.

Corebridge is the life and retirement subsidiary of AIG.

AIG is offering 30 million shares of Corebridge common stock. AIG has also granted the underwriter an option to purchase up to an additional 4.5 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 May 30, 2024, and is expected to close on June 3, 2024, 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 Corebridge’s senior notes offering that raised $750 million in December 2023; the underwriters in the $718 million secondary public offerings by AIG of shares of Corebridge common stock in December 2023, $1 billion in November 2023 and $1.1 billion in June 2023; the initial purchasers in Corebridge’s senior notes offering that raised $500 million in September 2023; 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 effected by an AIG secondary offering in September 2022, the largest IPO of 2022.

For more information, please see the press release here.