By Jennifer Chiou
New York, April 23 - American International Group, Inc. priced a $10 million offering of constant maturity swap (CMS) spread range notes due April 27, 2022 via agent Deutsche Bank Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The interest payment will equal the 8.55% base interest rate multiplied by the proportion of days on which the 30-year CMS rate is higher than the two-year CMS rate.
Interest will be payable quarterly.
The notes will be callable at par on any interest payment date starting in July 2007.
Deutsche Bank Securities Inc. and Deutsche Bank Trust Co. Americas are the agents.
Issuer: | American International Group, Inc.
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Issue: | CMS spread range notes
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Amount: | $10 million
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Maturity: | April 27, 2022
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Coupon: | 8.55% base rate multiplied by the proportion of days on which the spread of the 30-year CMS rate over the two-year CMS rate is equal to or greater than zero; payable quarterly
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Price: | Par
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Call: | On any interest payment dates starting in July 2007
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Payout at maturity: | Par plus accrued interest
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Pricing date: | April 19
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Settlement date: | April 27
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Agent: | Deutsche Bank Securities Inc.
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Fees: | None
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