Validus Holdings to Redeem its 8.875% Senior Notes Due 2040
August 17 2023 - 3:16PM
Business Wire
American International Group, Inc. (NYSE: AIG) (“AIG”) today
announced that Validus Holdings, Ltd. (“Validus Holdings”), an AIG
company, will redeem all of the outstanding 8.875% Senior Notes due
2040 (CUSIP 91915WAB8 / ISIN US91915WAB81) of Validus Holdings (the
“Notes”) on September 21, 2023 (the “Redemption Date”) and directed
The Bank of New York Mellon, the trustee with respect to the Notes
(the “Trustee”), to deliver a notice of redemption to each
registered holder of the Notes (the “Holders”).
On the Redemption Date, AIG will pay to each Holder a redemption
price equal to the sum of the principal amount of Notes held by
such Holder, accrued and unpaid interest thereon and a customary
“make-whole” premium calculated in accordance with the indenture
governing the Notes. The Notes are being redeemed in connection
with the previously announced proposed sale of Validus Holdings and
certain of its affiliates by AIG to RenaissanceRe Holdings Ltd.
which is anticipated to close in the fourth quarter of 2023,
subject to receipt of regulatory approvals and satisfaction of
other customary closing conditions. As of August 17, 2023,
$199,115,000 aggregate principal amount of the Notes were
outstanding.
This press release does not constitute a notice of redemption of
the Notes. Holders should refer to the notice of redemption
delivered to the Holders by the Trustee, and this press release is
qualified in its entirety by such notice.
Certain statements in this press release, including those
describing the completion of the redemption and the proposed
transaction with RenaissanceRe Holdings Ltd, constitute
forward-looking statements. These statements are not historical
facts but instead represent only AIG’s belief regarding future
events, many of which, by their nature, are inherently uncertain
and outside AIG’s control. It is possible that actual results will
differ, possibly materially, from the anticipated results indicated
in these statements. Factors that could cause actual results to
differ, possibly materially, from those in the forward-looking
statements are discussed throughout AIG’s periodic filings with the
SEC pursuant to the Securities Exchange Act of 1934.
About AIG
American International Group, Inc. (AIG) is a leading global
insurance organization. AIG member companies provide insurance
solutions that help businesses and individuals in approximately 70
countries and jurisdictions protect their assets and manage risks.
For additional information, visit www.aig.com. AIG common stock is
listed on the New York Stock Exchange.
AIG is the marketing name for the worldwide operations of
American International Group, Inc. All products and services are
written or provided by subsidiaries or affiliates of American
International Group, Inc. Products or services may not be available
in all countries and jurisdictions, and coverage is subject to
underwriting requirements and actual policy language. Non-insurance
products and services may be provided by independent third parties.
Certain property casualty coverages may be provided by a surplus
lines insurer. Surplus lines insurers do not generally participate
in state guaranty funds, and insureds are therefore not protected
by such funds.
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version on businesswire.com: https://www.businesswire.com/news/home/20230817834381/en/
Quentin McMillan (Investors): quentin.mcmillan@aig.com Claire
Talcott (Media): claire.talcott@aig.com
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