Corebridge’s $936 Million Secondary Public Offering

November 11, 2024

Cleary Gottlieb is representing underwriters J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC in a $936 million secondary public offering by American International Group Inc. (AIG).

AIG is offering 30 million shares of Corebridge Financial Inc. (Corebridge) common stock at a price of $31.20 per share.

Corebridge is the former life and retirement subsidiary of AIG.

AIG has granted the underwriters an option to purchase up to an additional 4.5 million shares of common stock. All 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 7, 2024, and is expected to close on November 12, 2024, subject to customary closing conditions.

Cleary has represented the underwriters in numerous prior securities offerings by AIG and by Corebridge, including Corebridge’s IPO in 2022. Most recently, Cleary represented:

  • the underwriters in Corebridge’s hybrid notes offering that raised $750 million in September 2024;
  • the underwriters in Corebridge’s senior notes offering that raised $750 million in December 2023;
  • the underwriters in the $876 million secondary public offering by AIG of shares of Corebridge common stock in May 2024, $718 million in December 2023, $1.0 billion in November 2023 and $1.1 billion in June 2023; and
  • the initial purchasers in Corebridge’s senior notes offering that raised $500 million in September 2023.

For more information, please see the press release here.