American International Group (AIG) has announced the launch of a secondary offering of Corebridge Financial common stock at $20.50 per share.
AIG is offering 50 million existing shares of common stock (out of approximately 631 million total shares of common stock outstanding) of Corebridge, corresponding to approximately $1 billion of proceeds.
AIG has granted a 30-day option to the underwriters to purchase up to an additional 7.5 million shares.
This move is set to raise more capital for AIG, while also reducing its stake in the company. AIG disclosed that it will receive all of the net proceeds from the offering.
The offering is expected to close on November 8, 2023, subject to customary closing conditions. AIG explained that the shares will be offered to the public at a fixed price, which may be changed at any time without notice.
Goldman Sachs & Co. LLC and J.P. Morgan are acting as the underwriters for the offering.
AIG rebranded the parent company of its Life & Retirement business from SAFG Retirement Services to Corebridge back in March of 2022.
In September of that same year, AIG launched an initial public offering of Corebridge, pricing it at $21 per share.
