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American International Group, Inc. (NYSE: AIG) announced today that it had entered into an amended and restated 4-Year $4 billion Bank Credit Facility.
The amended and restated facility replaces the previous $4.5 billion AIG facilities ($1.5 billion 364-Day and $3 billion 4-Year) entered into in October 2011 and includes a $2 billion letter of credit sublimit that will allow AIG subsidiaries to obtain letters of credit. This is an increase from the $1.5 billion letter of credit sublimit that existed in the previous 4-Year facility.
“The terms of this credit facility are more favorable and provide greater flexibility to AIG and our subsidiaries,” said David Herzog, AIG Executive Vice President and Chief Financial Officer. “We again saw significant interest in the facility among the lender group, and we are pleased with the continued confidence they have in the strength of AIG and our future.”
Thirty-four 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. 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.