American International Group, Inc - Tender Offer - Launch

AIG Commences Cash Tender Offer for Debt Securities

06 NOVEMBER 2023

Full announcement including disclaimers and offer restrictions available via Businesswire

"NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today commenced a cash tender offer for 13 series of its outstanding debt securities. The complete terms of the tender offer are set forth in the offer to purchase, dated today. Securities that are accepted in the tender offer will be purchased, retired, and cancelled by AIG. Consummation of the tender offer is subject to a number of conditions, including the absence of any adverse legal and market developments (as described in the offer to purchase). Subject to applicable law, AIG may waive certain of these conditions or extend, terminate or otherwise amend the tender offer.

AIG is offering to purchase the notes and debentures listed in Table I below for an aggregate purchase consideration (U.S. dollar equivalent) of up to $1.0 billion (excluding accrued interest, the “Tender Cap”). We reserve the right, but are not obligated, to increase the Tender Cap in our sole and absolute discretion without extending the withdrawal date or otherwise reinstating withdrawal rights, except as required by applicable law. The early participation date for the tender offer is 5:00 p.m., New York City time, on November 20, 2023 (the “Early Participation Date”), and the expiration date for the tender offer is 5:00 p.m., New York City time, on December 6, 2023 (in each case, subject to extension). As indicated in Table I, the price to be paid for each series of notes and debentures will be based on fixed spreads to certain reference benchmarks, as further described below. The prices to be paid for the notes and debentures denominated in U.S. dollars will be calculated on the basis of the yield to the applicable call or maturity date of the applicable reference security listed in Table I, at 10:00 a.m., New York City time, on the business day following the Early Participation Date, plus the fixed spread applicable to such notes or debentures as set forth in Table I. The price to be paid for the notes denominated in euros will be calculated on the basis of the rate of an interpolated mid-swap rate, at 3:00 p.m., London time, on the business day following the Early Participation Date, plus the fixed spread applicable to such notes, as described more fully in the offer to purchase. Holders whose notes and debentures are accepted in the tender offer will also receive a cash payment representing accrued interest from the most recent interest payment date to, but excluding, the date AIG purchases the notes and debentures. The payment date for the offer will be either (i) if we exercise our right of early settlement, promptly following the Early Participation Date for notes or debentures tendered at or prior to such date, or (ii) for all other notes or debentures (or if we do not exercise our right of early settlement), promptly following the expiration of the offer, with such payment expected to be on or around December 8, 2023."

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