The content below is extract from Press Release published on June, 26 2014 at Wall Street Journal.
American International Group, Inc. (NYSE:AIG) today announced the results as of the Early Participation Date of its previously announced cash tender offers for the junior subordinated debentures issued or guaranteed by AIG listed in the table below under the caption “Junior Tender Offer” (the “Junior Debt Securities”) and the senior notes and debentures issued or guaranteed by AIG listed in the table below under the caption “Senior Tender Offer” (the “Senior Debt Securities” and, together with the Junior Debt Securities, the “Securities”), pursuant to its offer to purchase dated June 12, 2014 (the “Offer to Purchase”). AIG also announced increases in the maximum aggregate principal amounts of Junior Debt Securities and Senior Debt Securities AIG can purchase in the tender offers. The maximum aggregate purchase price for securities purchased in the Junior Tender Offer has been increased to $1.8 billion, and the maximum aggregate purchase price for securities purchased in the Senior Tender Offer has been increased to $700 million.
As previously announced, the Early Participation Date for the tender offers was 5:00 p.m., New York City time, on June 25, 2014. The complete terms of the tender offers, including certain capitalized terms used but not defined herein, are set forth in the Offer to Purchase and, as applicable, the related letter of transmittal. The expiration date of the tender offers is 11:59 p.m., New York City time, on July 10, 2014, unless extended (the “Expiration Date”).
Holders who validly tendered and did not withdraw their Securities on or prior to the Early Participation Date, and whose Securities are accepted for purchase pursuant to the tender offers, will receive the Total Consideration set forth in the table below, which includes an early participation amount of $50, GBP50 or EUR50 per $1,000, GBP1,000 or EUR1,000 principal amount, as applicable, of Securities validly tendered and accepted for purchase (the “Early Participation Amount”). Holders validly tendering their Securities after the Early Participation Date and on or prior to the Expiration Date will not be entitled to receive the Early Participation Amount. The Payment Date will be promptly following the Expiration Date and is expected to be on or about July 14, 2014. Withdrawal rights for the tender offers have expired and have not been extended.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. 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.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
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