American International Group Inc. has started a consent solicitation for $250.0 million of 8.875% senior notes due 2040 issued by recently acquired subsidiary Validus Holdings Ltd.

AIG seeks to modify or remove some covenants of the notes to align them with agreements governing existing indebtedness. The notes are subject to a full and unconditional guarantee by AIG.

The solicitation expires Aug. 6. Validus will pay a consent fee equal to $2.50 per $1,000 principal amount of notes for which consents are validly delivered.