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AIG Announces Closing of Secondary Offering of Corebridge Financial, Inc. Common Stock
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
AIG Closes Secondary Offering of Corebridge Financial, Inc. (CRBG) Common Stock, Raises $1.0 Billion: American International Group, Inc. (NYSE: AIG) has successfully completed the secondary offering of 50 million shares of Corebridge Financial, Inc. (NYSE: CRBG) common stock at a public offering price of $20.50 per share, with the option for underwriters to purchase an additional 7.5 million shares. The offering raised approximately $1.0 billion for AIG, with all net proceeds going to the company. Goldman Sachs & Co. LLC and J.P. Morgan acted as underwriters for the offering.
Positive
Successful completion of the secondary offering indicates investor confidence in AIG's decision to divest shares of Corebridge Financial, Inc. The offering raised a substantial $1.0 billion for AIG, which could bolster the company's financial position and provide resources for strategic initiatives.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
American International Group, Inc. (NYSE: AIG) today announced the closing of its secondary offering of shares of Corebridge Financial, Inc. (NYSE: CRBG) common stock. AIG, as the selling stockholder, sold 50 million existing shares of common stock (out of approximately 631 million total shares of common stock outstanding) of Corebridge at a public offering price of $20.50 per share, which included a 30-day option to the underwriters to purchase up to an additional 7.5 million shares.
The proceeds of the offering to AIG, after deducting underwriting discounts and commissions and other expenses payable by AIG, were approximately $1.0 billion. All of the net proceeds from the offering will go to AIG.
Goldman Sachs & Co. LLC and J.P. Morgan acted as the underwriters for the offering.
The offering of common stock was made only by means of a prospectus and an accompanying prospectus supplement. Copies of the prospectus and accompanying prospectus supplement relating to the offering may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at 1-866-471-2526 or by email at prospectus-ny@ny.email.gs.com; and J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204 or by email at prospectus-eq_fi@jpmorganchase.com.
A registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (“SEC”) on November 6, 2023 and became effective automatically. The registration statement may be obtained free of charge on the SEC’s website at www.sec.gov (EDGAR/Company Filings) under “Corebridge Financial, Inc.” This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About AIG
American International Group, Inc. (NYSE: AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions and other financial services to customers in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG’s common stock is listed on the New York Stock Exchange.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than $360 billion in assets under management and administration as of September 30, 2023, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. Corebridge Financial’s common stock is listed on the New York Stock Exchange.
