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AIG closes depositary share offering

American International Group Inc. has closed its public offering of 20 million depositary shares, each share representing a 0.001% interest in its 5.85% series A noncumulative perpetual preferred stock, $25,000 liquidation preference per share, which is equivalent to $25.00 per depositary share.

The company expects net proceeds before expenses of $485.3 million.

The trade date was March 7 and the settlement date was March 14.

Merrill Lynch Pierce Fenner & Smith Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the joint book-running managers, while J.P. Morgan Securities LLC and RBC Capital Markets LLC served as joint lead managers. The senior managers were BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., NatWest Markets Plc and Standard Chartered Bank. ANZ Securities Inc., ING Financial Markets LLC, nabSecurities LLC, PNC Capital Markets LLC and Scotia Capital (USA) Inc. worked as co-managers, whereas Academy Securities Inc., Great Pacific Securities R. Seelaus & Co. LLC, Ramirez & Co. Inc. and The Williams Capital Group LP were junior managers.