Cincinnati-based insurer announced that its wholly-owned subsidiary AAG Holding Company Inc. plans to make a public offering of $75 million principal amount of its senior debentures. The debentures will be fully and unconditionally guaranteed by the company.
The offering will be made under the company’s effective shelf registration statement filed with the Securities and Exchange Commission covering the issuance from time to time of up to approximately $137 million of various securities of the company. Merrill Lynch & Co. is the bookrunning lead manager of the offering.
The net proceeds from this offering will be used to redeem the 9.25 percent preferred securities issued by American Annuity Group Capital Trust I, a wholly-owned subsidiary trust of the company.
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