(Archived Content)
Brings Overall Expected Proceeds from Offering to $5.8 Billion and Will Reduce Treasury Common Stock Stake to 61 Percent
WASHINGTON – Today, the U.S. Department of the Treasury announced that it expects to receive an additional $750 million from its underwritten public offering of American International Group, Inc. (AIG) common stock. The underwriters have exercised their over-allotment option in full to purchase approximately 24.6 million additional shares of AIG common stock at the public offering price of $30.50 per share.
On May 6, Treasury agreed to sell approximately 163.9 million shares of AIG common stock at $30.50 per share in an underwritten public offering for expected proceeds of approximately $5.0 billion. The exercise of the over-allotment option increases Treasury’s expected proceeds from the public offering to approximately $5.8 billion and total number of shares sold in the offering to approximately 188.5 million. Overall, the offering is expected to reduce Treasury’s remaining investment in AIG to $30 billion, consisting of approximately 1.06 billion shares of common stock; and reduce Treasury’s percentage ownership of AIG’s outstanding shares of common stock from 70 percent to 61 percent.
###