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AIG closes $2.5B sale of notes, debentures

American International Group Inc. closed its sale of approximately $2.5 billion in notes and debentures.

The company sold $750 million of 4.200% senior unsecured fixed rate notes due April 1, 2028, and $1 billion of 4.750% senior unsecured fixed rate notes due April 1, 2048.

Interest on both notes are payable every April 1 and Oct. 1, starting Oct. 1.

The 2028 notes have a make-whole redemption at any time prior to Jan. 1, 2028, at a discount rate of Treasury plus 25 basis points. Par redemption at any time on or after Jan. 1, 2028.

The 2048 notes have a make-whole redemption at any time prior to Oct. 1, 2047, at a discount rate of Treasury plus 30 basis points. Par redemption at any time on or after Oct. 1, 2047.

AIG also issued $750 million of fixed-to-floating rate series A-9 junior subordinated debentures due April 1, 2048.

The interest rate during the fixed period is 5.750%, accruing from and including March 26 to, but excluding, April 1, 2028, payable semi-annually every April 1 and Oct. 1, beginning Oct. 1 and ending April 1, 2028.

The interest rate during the floating period is the London Interbank Offered Rate plus 2.868%, accruing from and including April 1, 2028, payable quarterly in arrears every Jan. 1, April 1, July 1 and Oct. 1, beginning on July 1, 2028.

The trade date for the notes and debentures is March 19 and the settlement date is March 26.

Merrill Lynch Pierce Fenner & Smith Inc., U.S. Bancorp Investments Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC are the joint book-running managers for the offering.

The passive book-runners are BNP Paribas Securities Corp., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, RBS Securities Inc. under the marketing name NatWest Markets, SMBC Nikko Securities America Inc. and UniCredit Capital Markets LLC.

The co-managers are ANZ Securities Inc., BBVA Securities Inc., CastleOak Securities LP, Commerz Markets LLC, Commonwealth Bank of Australia, Credit Agricole Securities (USA) Inc., Drexel Hamilton LLC, ICBC Standard Bank Plc, ING Financial Markets LLC, Loop Capital Markets LLC, nabSecurities LLC, Natixis Securities Americas LLC, PNC Capital Markets LLC, Samuel A. Ramirez & Company Inc., Scotia Capital (USA) Inc., Siebert Cisneros Shank & Co. LLC, Standard Chartered Bank, TD Securities (USA) LLC, The Governor and Co. of the Bank of Ireland and The Williams Capital Group LP.