AIG Prices Secondary Offering Of Corebridge Financial Common Stock At $20.50/shr

(RTTNews) - American International Group, Inc. (AIG) announced Friday it has priced the secondary offering of Corebridge Financial, Inc. (CRBG) common stock at $20.50 per share. The offering is expected to close on December 5, 2023, subject to customary closing conditions.

AIG, as the selling stockholder, has offered 35 million existing shares of common stock of Corebridge, corresponding to approximately $718 million of gross proceeds.

AIG has also granted a 30-day option to the underwriter to purchase up to an additional 5.25 million shares.

AIG will remain a majority shareholder of Corebridge Financial upon completion of this offering. All of the net proceeds from the offering will go to AIG.

J.P. Morgan is acting as the underwriter for the offering. The underwriter may offer the shares of common stock from time to time for sale in one or more transactions on the NYSE.