AIG Announces Offerings of Common Stock and Equity Units for an Aggregate of $7.5 Billion

AIG.com - May 09, 2008

(PRNewsChannel) / New York, NY - American International Group, Inc. (NYSE: AIG) announced that it has commenced offerings of its common stock and equity units, for an aggregate amount of $7.5 billion. The equity units consist of (i) forward purchase contracts that obligate holders to purchase AIG common stock and (ii) junior subordinated debt securities. AIG also expects to grant the underwriters for these offerings an option to purchase additional common stock and equity units in order to cover over-allotments.

AIG intends to use the net proceeds from the offerings for general corporate purposes.

Citi and JPMorgan are serving as joint bookrunning managers for the offerings.

Each offering will be made under AIG's shelf registration statement filed with the Securities and Exchange Commission and only by means of a prospectus supplement and accompanying prospectus. When available, a copy of the prospectus supplement and accompanying prospectus relating to each offering may be obtained from either (i) Citigroup Global Markets Inc., Attn: Prospectus Department, Brooklyn Army Terminal 140, 58th Street, 8th Floor, Brooklyn, New York 11220 or by calling (718) 765-6732 or by facsimile at (718) 765-6734; or (ii) J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, Attention: Prospectus Department, email: [email protected] or by calling (718) 242-8002.

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any shares of common stock, any equity units or any other securities, nor will there be any sale of common stock, equity units or any other securities 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 any such state or jurisdiction.

Contact: American International Group, Inc.
Charlene Hamrah (Investment Community)
212-770-7074
or
Chris Winans (News Media)
212-770-7083

Source Web Site: AIG.com