American International Group, Inc. (NYSE: AIG) today announced that the
U.S. Department of the Treasury (Treasury) has launched an offering of
its AIG common stock, par value $2.50 per share. Treasury will also
grant an option to the underwriters for the offering to purchase
additional shares to cover over-allotments, if any.
In connection with Treasury's offering, AIG has indicated to Treasury
that it intends to purchase shares of AIG common stock in the offering,
at the initial public offering price, pursuant to an authorization
granted today by the AIG Board of Directors to purchase up to $2 billion
of AIG common stock.
"Today we are announcing further progress in our efforts to reach our
goal of having the taxpayers recoup their investment in AIG at a
profit," said Robert H. Benmosche, AIG President and Chief Executive
Officer. "This is another tremendous step forward for our company, our
shareholders and the American taxpayer."
In March 2012, Treasury sold approximately $6 billion of its AIG common
stock, of which AIG purchased approximately $3 billion.
Barclays Capital Inc., BofA Merrill Lynch, Citigroup Global Markets
Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.,
Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co.
LLC, UBS Securities LLC, and Wells Fargo Securities, LLC have been
retained as joint bookrunners for the offering.
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. In
particular, no assurance can be given that the offering or purchase will
be completed. These forward-looking statements reflect AIG's current
views with respect to future events and are based on assumptions and are
subject to risks and uncertainties. Except for AIG's ongoing obligation
to disclose material information as required by federal securities laws,
it does not intend to provide an update concerning any future revisions
to any forward-looking statements to reflect events or circumstances
occurring after the date hereof.
AIG has filed a registration statement (including a prospectus) with the
Securities and Exchange Commission (SEC) for the offering to which this
communication relates. Before you invest, you should read the prospectus
in that registration statement and other documents that AIG has filed
with the SEC for more complete information about AIG and this offering.
You may get these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov.
Alternatively, AIG, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it from
Barclays Capital Inc., by calling 888-603-5847; BofA Merrill Lynch, by
calling 866-500-5408; Citigroup Global Markets Inc., by calling
877-858-5407; Credit Suisse Securities (USA) LLC, by calling
800-221-1037; Deutsche Bank Securities Inc., by calling 800-503-4611;
Goldman, Sachs & Co., by calling 866-471-2526; J.P. Morgan Securities
LLC, by calling 866-803-9204; Morgan Stanley & Co. LLC, by calling
866-718-1649; UBS Securities LLC, by calling 877-827-6444 (ext. 561
3884); and Wells Fargo Securities, LLC, by calling 800-326-5897.
American International Group, Inc. (AIG) is a leading international
insurance organization serving customers in more than 130 countries. AIG
companies serve commercial, institutional, and individual customers
through one of the most extensive worldwide property-casualty networks
of any insurer. In addition, AIG companies are leading providers of life
insurance and retirement services in the United States. AIG common stock
is listed on the New York Stock Exchange and the Tokyo Stock Exchange.