Daily News: June 20, 2014

J.P. Morgan, Citigroup Global Arrange AIG Amended Facility

American International Group announced that it has entered into an amended and restated five-year $4 billion bank credit facility.

The amended and restated facility replaces the previous 4-Year $4 billion facility that AIG entered into in October 2012. In addition to the tenor increase, the entire $4 billion facility is now available both as revolving credit and for the issuance of letters of credit. This is an increase from the $2 billion letter of credit sublimit that existed in the previous four-year facility.

“We are pleased to have the support of our lenders in amending this credit facility,” said David Herzog, AIG Executive Vice President and chief financial officer. “The terms of this newly amended and restated facility provide greater flexibility to AIG and our subsidiaries.”

Thirty-three banks participated in the facility with J.P. Morgan Securities and Citigroup Global Markets acting as lead arrangers.

American International Group an international insurance organization serving customers in more than 130 countries and jurisdictions.