American International Group Inc. (AIG) has disclosed final results of a previously announced offer to exchange equity units for corporate units of common stock.

AIG, New York (NYSE:AIG), says it has exchanged 74.5 million of equity units consisting of corporate units. The payment for each corporate unit has been 0.09867 shares of AIG common stock plus $3.2702 in cash.

The exchange offer expired Tuesday.

Global Bondholder Services Corp., New York, the information and exchange agent for the exchange offer, says 49.5 million corporate units have been validly tendered.

AIG has accepted all of the corporate units, the company says.

The company will be delivering about 4.9 million shares of common stock and paying about $162 million in cash in exchange for the corporate units.

After the exchange offer is completed, about 29 million corporate units will still be outstanding, the company says.

- Warren S. Hersch