By William Gullotti and Cristal Cody
Buffalo, N.Y., Aug. 19 – Corebridge Financial Inc., a majority-owned subsidiary of American International Group Inc., sold $1 billion of 6.875% 30-year fixed-to-fixed junior subordinated notes (Baa3/BBB-/BBB-) on Thursday, according to information from a market source.
“The issue rating is two notches below our BBB+ long-term issuer credit rating on Corebridge based on the subordination of the issue and the optional interest deferability,” said S&P Global Ratings in a press release.
Moody’s Investors Service said that Corebridge will use the proceeds to repay the $1.9 billion balance on its $8.3 billion promissory note to AIG and to reduce the commitments under its delayed-draw term loan agreement.
AIG is a global insurance company based in New York. Corebridge is a rebranding of SAFG Retirement Services, Inc., the parent company of AIG’s life and retirement business. Corebridge is spinning off into a separate public company.
| Issuer: | Corebridge Financial Inc.
|
| Amount: | $1 billion
|
| Issue: | Fixed-to-fixed junior subordinated notes
|
| Maturity: | Dec. 15, 2052
|
| Coupon: | 6.875%
|
| Call option: | Non-callable for five years
|
| Trade date: | Aug. 18
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB-
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
