AIG: $4.5 Billion of New Bank Credit Facilities

The two new credit facilities include a four year $3 billion bank credit facility as well as a 364-day $1.5 billion Bank Credit Facility. The new four year facility also includes a $1.5 billion letter of credit sub-limit for AIG subsidiaries, such as Chartis, to obtain letters of credit.

In a statement, David Herzog, AIG’s Chief Financial Officer said, “These facilities greatly simplify and consolidate AIG’s existing credit facility structure and provide AIG subsidiaries greater flexibility with respect to their letter of credit needs.”