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AIG plans callable CMT inverse floating-rate notes via Merrill Lynch
By Laura Lutz
Des Moines, Oct. 9 - American International Group, Inc. plans to price callable CMT inverse floating-rate notes due October 2012 via Merrill Lynch & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest on the notes will be payable quarterly.
For the first two quarters, the notes will bear interest at 9% per year. For each quarter thereafter, the interest rate will be equal to amount by which a strike rate exceeds the two-year Constant Maturity U.S. Treasury rate. The interest rate is subject to a floor of 0% and a maximum of 10%.
The notes are callable beginning in October 2009.
The payout at maturity or upon redemption will be par.
The notes are expected to price and settle in October.
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