U.S. Treasury in Largest Secondary Equity Offering in U.S. History

September 19, 2012

Cleary Gottlieb acted as counsel to the underwriters, led by joint global coordinators Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs and J.P. Morgan Securities, in the largest secondary equity offering in U.S. history. The U.S. Department of the Treasury sold 636,923,075 shares (including 83,076,922 shares purchased by the underwriters pursuant to the full exercise of their over-allotment option) of its American International Group (AIG) common stock at $32.50 per share. AIG repurchased approximately $5.0 billion of its common stock in the transaction. The aggregate proceeds to Treasury from the common stock offering were approximately $20.7 billion.