The Treasury now expects to receive an additional $2.7 billion from its overallotment shares. The underwriters have already exercised their over-allotment option in full, so another 83.1 million shares of AIG common stock were sold at $32.50 per share.
The offering of 553.8 million shares at $32.50 per share brought in proceeds of roughly $18.0 billion. Combined with the exercise of the over-allotment option, the Treasury’s sale proceeds are now about $20.7 billion and the total number of shares sold is roughly 636.9 million shares.
Today’s secondary offering will have taken the Treasury’s stake in AIG from 53.4% all the way down to about 15.9% of AIG’s common stock outstanding.
AIG may still be hated by much of the public, but the taxpayers are now profitable and still own a rather large stake to boot.
If you want to know how successful this offering was, the $32.50 price was never even hit today as the low was $32.56. Shares are down only 0.8% at $33.04 with just under an hour to go.
JON C. OGG
Contact [email protected] for any questions or corrections.
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