Corebridge’s $1 Billion Secondary Offering

Cleary Gottlieb is representing Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as underwriters, in a secondary public offering of $1 billion of shares of common stock of Corebridge Financial Inc. (Corebridge).

Corebridge is the life and retirement subsidiary of American International Group Inc. (AIG).

AIG is offering 50 million shares of Corebridge common stock at a price to public of $20.50 per share. AIG has also granted the underwriters an option to purchase up to an additional 7.5 million shares of common stock. All of the shares are being offered by AIG as the selling stockholder, and Corebridge will not receive any proceeds from the sale of shares by AIG.\

The offering priced on November 6, 2023, and is expected to close on November 8, 2023, subject to customary closing conditions.

Cleary has represented the underwriters in numerous prior securities offerings by AIG and by Corebridge, dating back to AIG’s re-IPO in 2011. Most recently, Cleary represented the initial purchasers in Corebridge’s senior notes offering that raised $500 million in September 2023, and the underwriters in Corebridge’s secondary public offering that raised $1.1 billion in June 2023, in AIG’s senior notes offering that raised $750 million in March 2023 and in Corebridge’s $1.7 billion initial public offering in September 2022, the largest IPO of 2022.

For more information, please see the press release here.