Summary
American International Group, Inc. (AIG) announced on January 31, 2024, its intention to redeem all outstanding shares of its Series A 5.85% Non-Cumulative Perpetual Preferred Stock and the corresponding Depositary Shares. The redemption is scheduled for March 15, 2024, with a redemption price of $25,000 per share of preferred stock, or $25.00 per depositary share. This action affects approximately 20,000 shares of Series A Preferred Stock and 20,000,000 Depositary Shares outstanding as of the announcement date. This redemption is a significant event for holders of the Series A Preferred Stock and Depositary Shares, as it signals the company's decision to retire this class of preferred equity. Investors should note that the redemption price includes any declared but unpaid dividends payable on the redemption date, ensuring that shareholders are compensated for the period up to March 15, 2024. The official notice of redemption will be provided separately by Equiniti Trust Company, the Depositary for the shares.
Key Highlights
- 1AIG will redeem all outstanding Series A 5.85% Non-Cumulative Perpetual Preferred Stock and corresponding Depositary Shares.
- 2The redemption date is set for March 15, 2024.
- 3The redemption price is $25,000 per share of Series A Preferred Stock, equivalent to $25.00 per Depositary Share.
- 4This redemption affects 20,000 shares of Series A Preferred Stock and 20,000,000 Depositary Shares outstanding as of January 31, 2024.
- 5The redemption price will include any declared but unpaid dividends payable on the redemption date.
- 6The announcement does not constitute the formal notice of redemption; holders will receive a separate notice from the Depositary.