NU Online News Service, Nov. 1, 12:14 p.m. EDT
American International Group Inc. (AIG) said the sale of one foreign insurer and the initial public offering of a second have raised enough money to repay a line of credit it has with the Federal Reserve Bank of New York (FRBNY).
Today, AIG closed the sale of American Life Insurance Company (ALICO) to MetLife Inc. for $16.2 billion and raised about $20.5 billion from an IPO of its unit, AIA Group Ltd. in Hong Kong. Of the $36.71 billion raised from these transactions, about $27.71 billion is in cash.
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