Global insurer, American International Group (AIG) has launched a secondary offering of Corebridge Financial common stock, priced at $29.20 per share.
The insurer has offered 30 million existing shares of common stock, out of approximately 608 million total shares of common stock outstanding of Corebridge Financial.
These correspond to approximately $876 million of gross proceeds. All of the net proceeds from the offering will go to AIG.
AIG also noted that it has granted a 30-day option to the underwriter to purchase up to an additional 4.5 million shares.
The offering is expected to close on June 3, 2024, subject to customary closing conditions.
This second offering comes after AIGs December announcement regarding the completion of the sale of 35 million Corebridge Financial shares in December 2023.
They were priced at $20.50 per share. It was confirmed that the proceeds of this offering to AIG, after deducting underwriting discounts and commissions and other expenses payable by AIG, were approximately $712 million.
In May 2024, the insurer also announced it had reached an agreement with Nippon Life to sell approximately 120 million shares of its Corebridge common stock.
The selling price of the stock was decided at $31.47 per share, for an aggregate purchase price of $3.8 billion.
