Reported Earlier, AIG Priced $876M Secondary Offering Of 30M Shares Of Corebridge Financial's Common Stock At $29.20/Share
Portfolio Pulse from Benzinga Newsdesk
AIG has priced a secondary offering of 30 million shares of Corebridge Financial's common stock at $29.20 per share, totaling approximately $876 million. The offering is expected to close on June 3, 2024, and AIG has granted a 30-day option to the underwriter to purchase an additional 4.5 million shares. All net proceeds will go to AIG.
May 31, 2024 | 8:00 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Corebridge Financial's common stock is being sold in a secondary offering by AIG, with 30 million shares priced at $29.20 each. The offering is expected to close on June 3, 2024, and includes a 30-day option for the underwriter to purchase an additional 4.5 million shares.
The secondary offering could lead to short-term downward pressure on Corebridge Financial's stock price due to the increased supply of shares in the market.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
AIG has announced a secondary offering of 30 million shares of Corebridge Financial, expected to generate $876 million in gross proceeds. The offering is set to close on June 3, 2024, and includes a 30-day option for the underwriter to purchase an additional 4.5 million shares. All net proceeds will go to AIG.
The secondary offering will provide AIG with significant liquidity, which could be used for various strategic initiatives or debt reduction, potentially boosting investor confidence in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100