AIG Announces Early Participation Results of Its Tender Offers and Extends the Total Consideration Payment and Certain Consent Solicitations

Rhea-AI Summary

On May 11, 2021, American International Group (NYSE: AIG) announced cash tender offers and consent solicitations for certain outstanding notes. This initiative is part of AIG's strategy to manage its debts more effectively. The offers include various series of notes from American General Corporation and SunAmerica Inc., with listed CUSIP numbers. These actions might enhance AIG’s financial flexibility and improve its capital structure.

Positive

• Initiative may improve financial flexibility and capital structure.
• Targeting various series of high-interest notes can reduce future interest expenses.

Negative

• The cost associated with the tender offers may impact short-term liquidity.
• Potential market perception of increased debt management risk.

On May 11, 2021, American International Group, Inc. (NYSE: AIG) announced that it commenced cash tender offers (the “Tender Offers”) and solicitations of consents (the “Consent Solicitations”) for certain outstanding notes.

The Tender Offers and Consent Solicitations are being made pursuant to AIG’s Offer to Purchase and Consent Solicitation Statement for the SunAmerica Notes (as defined below), dated May 11, 2021, and AIG’s Offer to Purchase and Consent Solicitation Statement for the AIG Life Holdings Notes (as defined below), dated May 11, 2021 (each, an “Offer to Purchase and Consent Solicitation Statement”) and the related letters of transmittal, which set forth a more comprehensive description of the terms of each Tender Offer and Consent Solicitation.

The Tender Offers consist of an offer to purchase any and all of the following series of notes:

Title	Original Issuer	CUSIP No.
7.57% Junior Subordinated Deferrable Interest Debentures, Series A	American General Corporation(1)	00138GAB5
8 1/8% Junior Subordinated Deferrable Interest Debentures, Series B	American General Corporation(1)	00138GAC3
7 ½% Notes due 2025	American General Corporation(1)	026351AU0
6 5/8% Notes due 2029	American General Corporation(1)	026351AZ9
8 ½% Junior Subordinated Debentures due 2030	American General Corporation(1)	00138GAA7
8.125% Debentures due 2023	SunAmerica Inc.(2)	866930AB6
7.05% Notes due 2025	SunAmerica Inc.(2)	86703QBJ9
7.00% Notes due 2026	SunAmerica Inc.(2)	86703QBN0
5.60% Debentures due 2097	SunAmerica Inc.(2)	866930AG5

_____________________
(1)

FAQ

What is AIG's cash tender offer announcement about?

AIG announced cash tender offers for certain outstanding notes to improve its debt management.

When was AIG's tender offer announced?

The tender offer was announced on May 11, 2021.

What notes are included in AIG's tender offers?

The tender offers include various series of notes from American General Corporation and SunAmerica Inc.

How might AIG's tender offers affect its stock performance?

The tender offers could enhance financial flexibility but might also raise concerns about short-term liquidity.

What is the stock symbol of AIG?

The stock symbol for American International Group is AIG.