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AIG launches $4 billion in hybrid debt sale

Tue May 13, 2008 4:39pm EDT

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NEW YORK, May 13 (Reuters) - American International Group (AIG.N) on Tuesday launched a $4 billion sale of hybrid junior subordinated debentures, said International Financial Review.

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The hybrids, with a maturity date in May 2058 and a 10-year optional deferral, were launched with a 8.175 percent coupon that is fixed for 50 years. The securities are callable after 30 years, said IFR, a Thomson Reuters publication.

If extended over 50 years, the hybrids float to a payment over the three-month London interbank offered rate.

Citigroup Global Markets and JPMorgan Chase are the lead managers of the deal. (Reporting by Rodrigo Campos; Editing by Dan Grebler)

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