Corebridge announces offering of 32.6M shares of common stock for holder AIG

Corebridge Financial (CRBG) announced the launch of a secondary offering of its common stock by American International Group (AIG). AIG, as the selling stockholder, is offering 32.6M existing shares of common stock, out of approximately 520M total shares of common stock outstanding, of Corebridge Financial. All of the net proceeds from the offering will go to AIG. In addition, Corebridge Financial announced that, subject to the completion of the offering, it intends to purchase approximately $500M of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions. Corebridge Financial intends to fund the purchase with cash on hand. The closing of such purchase from the underwriter is subject to the closing of the offering. The closing of the offering is not conditioned upon the closing of the purchase from the underwriter. J.P. Morgan Securities is acting as the underwriter for the offering.