The FINANCIAL — American International Group, Inc. (AIG) announced on June 8 that the underwriters of the previously announced public offering of 26 million shares of Transatlantic Holdings, Inc. (NYSE: TRH) common stock owned by AIG and its subsidiary, American Home Assurance Company (AHAC), have exercised their option to purchase an additional 3.9 million shares.
As a result, AIG and AHAC will sell a total of 29.9 million shares for aggregate gross proceeds of $1.136 billion. TRH will not receive any of the proceeds from the secondary offering.
"The secondary offering was made through a syndicate of underwriters, led by J.P. Morgan Securities Inc., Goldman, Sachs & Co., and Morgan Stanley & Co. as joint book-running managers with Lazard Capital Markets LLC as co-lead underwriter. Dowling & Partners and Fox-Pitt Kelton Cochran Caronia Waller acted as co-managers of the offering," AIG says.
At the close of the secondary offering AHAC owns 9,192,662 common shares of Transatlantic Holdings, Inc. representing approximately 13.9 percent of Transatlantic Holdings Inc.’s common shares issued and outstanding.
Discussion about this post