NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE:AIG) announced today that it has entered into an amended and restated 5-Year $4 billion Bank Credit Facility.
The amended and restated facility replaces the previous 4-Year $4 billion facility that AIG entered into in October 2012. In addition to the tenor increase, the entire $4 billion facility is now available both as revolving credit and for the issuance of letters of credit. This is an increase from the $2 billion letter of credit sublimit that existed in the previous 4-Year facility.
“We are pleased to have the support of our lenders in amending this credit facility,” said David Herzog, AIG Executive Vice President and Chief Financial Officer. “The terms of this newly amended and restated facility provide greater flexibility to AIG and our subsidiaries.”
Thirty-three banks participated in the facility with J.P. Morgan Securities LLC and Citigroup Global Markets Inc. acting as lead arrangers.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all jurisdictions, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.