AIG Files To Raise Cash (AIG)
American International Group, Inc. (NYSE: AIG) has filed an automatic shelf registration statement with the SEC. While no dollar amount was set and while no financial terms were listed, everyone knows that AIG needs cash more than a homeless junkie. The company listed common and preferred stock as the securities it can sell under this shelf registration.
A series of preferred stock “may be convertible into or exercisable or exchangeable for common stock or another series of preferred stock” and it may offer and sell common stock or preferred stock from time to time at prices and terms dependent upon market conditions. Any terms and conditions will come in a supplement to today’s filed prospectus.
The use of proceeds was listed as the standard “for general corporate purposes.” As is the case for most S-3ASR (automatic shelf registrations), no underwriters were listed.
The share count before and after that split makes this look off, but here is what they list as share counts: AIG’s authorized capital stock includes 5,000,000,000 shares of common stock (par value $2.50 per share). As of June 30, 2009, after giving effect to a reverse stock split at a ratio of one-for-twenty, there were 134,569,378 shares of common stock outstanding.
AIG might not be selling securities at all, but it owes so much to Uncle Sam that we could call this AIG.gov.
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