NEW YORK CITY (dpa-AFX) - American International Group Inc. (AIG) said that it commenced cash tender offers for the maximum principal or liquidation amount of (i) certain of AIG's junior subordinated debentures denominated in sterling and euros tendered up to an aggregate purchase price of $325 million, (ii) certain of AIG's junior subordinated debentures denominated in U.S. dollars tendered up to an aggregate purchase price of $650 million and (iii) the capital securities issued by three statutory trusts controlled by SunAmerica Financial Group Inc., a wholly-owned subsidiary of AIG or SAFG, that hold junior subordinated debentures issued by SAFG and guaranteed by AIG and senior debentures originally issued by SunAmerica Inc. and assumed by AIG, tendered up to an aggregate purchase price of $275 million.
The Early Participation Date for the tender offers is 5:00 p.m., New York City time, on March 4, 2013, and the Expiration Date is 11:59 p.m., New York City time, on March 18, 2013. Acceptance of Securities is subject to proration if any of the tender offers are oversubscribed. The Payment Date will be promptly following the Expiration Date and is expected to be on or about March 19, 2013 for the Dollar Debentures and SAFG Securities and on or about March 20, 2013 for the Sterling and Euro Debentures.
The Total Consideration payable for each £1,000, €1,000 or $1,000 principal or liquidation amount, as applicable, of Securities validly tendered on or prior to the Early Participation Date and accepted for purchase by us includes the Early Participation Amount.
Copyright(c) 2013 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2013 AFX News