Corebridge’s $500 Million Debt Offering

Cleary Gottlieb is representing the initial purchasers in an offering of $500 million principal amount of 6.05% notes due 2033 for Corebridge Financial (Corebridge).

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

The offering was led by Citigroup and J.P. Morgan, as joint bookrunning managers and representatives of the initial purchasers, together with joint bookrunning managers BNP Paribas, BofA Securities, Goldman Sachs & Co. LLC, Morgan Stanley, PNC Capital Markets LLC, and Wells Fargo Securities. In all, 13 initial purchasers participated in the offering, which priced on September 12, 2023, and is expected to close on September 15, 2023.

With more than $370 billion in assets under management and administration as of June 30, 2023, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States.