AIG’s Validus calls floaters due 2037, preference shares

By Marisa Wong

Morgantown, W.Va., Sept. 27 – American International Group, Inc. announced that Validus Insurance, Ltd. will redeem all of its outstanding floating-rate deferrable interest junior subordinated notes due July 30, 2037 on Oct. 30.

The notes will be redeemed at par plus accrued interest to the redemption date, according to a press release.

AIG also announced that Validus Holdings, Ltd. will redeem two series of its preference shares in full on Oct. 30.

Validus will redeem its 5.875% series A non-cumulative preference shares and 5.8% series B non-cumulative preference shares at a redemption price of $26,000 per preference share plus any unpaid dividends up to but excluding the redemption date.

There are 6,000 issued and outstanding series A preference shares and 10,000 issued and outstanding series B preference shares, according to a separate press release.

AIG is a New York-based insurance company. It acquired Validus in July.

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