AIG Enters Material Definitive Agreement
Ticker: AIG · Form: 8-K · Filed: Sep 27, 2024 · CIK: 5272
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: AIG
TL;DR
AIG just signed a big deal, watch their financials.
AI Summary
On September 27, 2024, American International Group, Inc. (AIG) entered into a material definitive agreement. This filing also indicates the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant.
Why It Matters
This filing signals a significant new contractual commitment or financial obligation for AIG, which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — Material definitive agreements and new financial obligations can introduce unforeseen risks or opportunities that may affect the company's financial health.
Key Players & Entities
- AMERICAN INTERNATIONAL GROUP, INC. (company) — Registrant
- September 27, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by AIG?
The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on September 27, 2024.
What type of financial obligation has AIG created?
The filing indicates the creation of either a direct financial obligation or an obligation under an off-balance sheet arrangement, but does not provide specific details.
When was this agreement or obligation reported?
The report was filed as of September 27, 2024, and the date of the earliest event reported is also September 27, 2024.
What is AIG's primary business as indicated by its SIC code?
AIG's Standard Industrial Classification (SIC) code is 6331, which corresponds to Fire, Marine & Casualty Insurance.
Where is AIG's principal executive office located?
AIG's business address is 1271 Avenue of the Americas, FL 37, New York, NY 10020.
Filing Stats: 940 words · 4 min read · ~3 pages · Grade level 13 · Accepted 2024-09-27 16:44:26
Key Financial Figures
- $2.50 — ich registered Common Stock, Par Value $2.50 Per Share AIG New York Stock Exchange
- $3 b — des for a five-year total commitment of $3 billion, consisting of standby letters of
- $1.5 b — e commitments may be increased by up to $1.5 billion, for a total commitment under the
- $4.5 billion — t under the Amended Credit Agreement of $4.5 billion. Under the Amended Credit Agreement, th
- $3 billion — ement, so that a total of approximately $3 billion remains available under the Amended Cre
Filing Documents
- aig-20240927.htm (8-K) — 32KB
- 0000005272-24-000105.txt ( ) — 188KB
- aig-20240927.xsd (EX-101.SCH) — 3KB
- aig-20240927_def.xml (EX-101.DEF) — 15KB
- aig-20240927_lab.xml (EX-101.LAB) — 27KB
- aig-20240927_pre.xml (EX-101.PRE) — 16KB
- aig-20240927_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On September 27, 2024, American International Group, Inc. ("AIG" or the "Company") entered into the Amended and Restated Credit Agreement (the "Amended Credit Agreement") by and among AIG, the subsidiary borrowers party thereto, the lenders party thereto and Bank of America, N.A. ("Bank of America"), as Administrative Agent and the Several L/C Agent, which amends and restates AIG's Credit Agreement, dated as of November 19, 2021, among AIG, the subsidiary borrowers party thereto, the lenders party thereto, Bank of America, as Administrative Agent, and each Several L/C Agent party thereto. The Amended Credit Agreement provides for a five-year total commitment of $3 billion, consisting of standby letters of credit and/or revolving credit borrowings without any limits on the type of borrowings. Under circumstances described in the Amended Credit Agreement, the aggregate commitments may be increased by up to $1.5 billion, for a total commitment under the Amended Credit Agreement of $4.5 billion. Under the Amended Credit Agreement, the applicable rate, commitment fee and letter of credit fee are determined by reference to the credit ratings of AIG's senior long-term unsecured debt. Borrowings bear interest at a rate per annum equal to (i) in the case of U.S. dollar borrowings, Term SOFR plus an applicable credit spread adjustment plus an applicable rate or an alternative base rate plus an applicable rate, (ii) in the case of Sterling borrowings, SONIA plus an applicable rate, (iii) in the case of Euro borrowings, EURIBOR plus an applicable rate and (iv) in the case of Japanese Yen, TIBOR plus an applicable rate. The alternative base rate is equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect as publicly announced from time to time by Bank of America as its "prime rate" and (c) Term SOFR plus 0.100% plus 1.00% The Amended Credit Agreement requires AIG to maintain a m
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERICAN INTERNATIONAL GROUP, INC. (Registrant) Date: September 27, 2024 By: /s/ Christina Banthin Name: Christina Banthin Title: Senior Vice President and Corporate Secretary