Video - AIG Chairman Steve Miller with Margaret Brennan
Miller is confident AIG can pay back Treasury in full.
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Source - Bloomberg
American International Group Inc., the insurer bailed out by the U.S., garnered $4.3 billion in bank credit lines in another step toward repaying taxpayers and gaining independence.
The credit, provided by more than 30 banks and administered by JPMorgan Chase & Co., includes two $1.5 billion facilities, one for three years and the other for 364 days, AIG said today in a regulatory filing. AIG’s property-casualty division Chartis Inc. got $1.3 billion, the insurer said. The firm rose $5.05, or 9.3 percent, to $59.38 at 4:15 p.m. New York Stock Exchange composite trading.
AIG, which is seeking to replace government funds with private capital, said Dec. 8 that it struck a deal to repay a $20 billion Federal Reserve Bank of New York credit line and would then turn to stock sales to repay the U.S. Treasury Department.