Global insurer, American International Group (AIG) has announced the closing of its secondary offering of shares of Corebridge Financial, Inc. (CRBG) common stock.
AIG, as the selling stockholder, sold 35 million existing shares of common stock (out of approximately 630 million total shares of common stock outstanding) of Corebridge at a public offering price of $20.50 per share.
From what we understand, it also includes a 30-day option to the underwriter to purchase up to an additional 5.25 million shares.
The sale was first announced at the beginning of December.
In addition, AIG remains a majority shareholder of Corebridge Financial.
It has also been confirmed, that the proceeds of the offering to AIG, after deducting underwriting discounts and commissions and other expenses payable by AIG, were approximately $712 million.
All of the net proceeds from the offering will go to AIG.
Further, J.P. Morgan acted as the underwriter for the offering.
The sale also comes less than a month after AIG sold 50 million shares of Corebridge to raise approximately $1 billion.
