American International Group (NYSE:AIG) has increased its tender offer cap to $1.5 billion, responding to a robust early participation that saw over $3.35 billion USD and €524 million EUR worth of securities tendered. This comes following the initial November 6 Offer to Purchase document.
The tender offer results were announced today, revealing that the submissions exceeded the newly raised tender cap, indicating strong investor interest. As a result, no further tenders are anticipated beyond those already prioritized by their level.
Investors who have participated early can expect the determination of Total Consideration for each security type to be scheduled for today at 10:00 ET (15:00 GMT). The settlement for accepted securities is set for tomorrow and will include Accrued Interest payments up to the Early Settlement Date.
The process is being managed by Joint Lead Dealer Managers which include BofA Securities Inc., Citigroup Global Markets Inc., and U.S. Bancorp Investments Inc., with additional support from Co-Dealer Managers such as BNP Paribas (OTC:BNPQY) Securities Corp., SG Americas Securities LLC., and SMBC Nikko Securities America Inc.
Among the securities offered are Series A-6 Junior Subordinated Debentures. AIG's offerings cater to a diverse clientele, with coverage tailored according to underwriting requirements and specific policy language.
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