AIG 2013 Annual Report Download - page 304

AIG’s long-term debt is denominated in various currencies, with both fixed and variable interest rates. Long-term debt
is carried at the principal amount borrowed, including unamortized discounts, hedge accounting valuation adjustments
and fair value adjustments, where applicable. The interest rates presented in the following table reflect the range of
contractual rates in effect at year end, including fixed and variable rate issuances.
The following table lists our total debt outstanding at December 31, 2013 and 2012. The interest rates
presented in the following table are the range of contractual rates in effect at year end, including fixed and
variable-rates:
Debt issued or guaranteed by AIG:
AIG General borrowings:
Notes and bonds payable 1.24% – 8.13% 2015 – 2097 $ 14,084
Subordinated debt 2.38% 2015 250
Junior subordinated debt 4.88% – 8.63% 2037 – 2058 9,416
Loans and mortgages payable 9.00% 2015 79
AIGLH notes and bonds payable 6.63% – 7.50% 2025 – 2029 298
AIGLH junior subordinated debt(a) 7.57% – 8.50% 2030 – 2046 1,339
Total AIG general borrowings – – 25,466
AIG/DIB borrowings supported by assets:(b)
MIP notes payable 2.28% – 8.59% 2014 – 2018 9,296
Series AIGFP matched notes and bonds payable 0.01% – 8.25% 2014 – 2047 3,544
GIAs, at fair value 3.00% – 9.80% 2014 – 2047 6,501
Notes and bonds payable, at fair value 0.18% – 10.00% 2014 – 2047 1,554
Total AIG/DIB borrowings supported by assets – – 20,895
Total debt issued or guaranteed by AIG – – 46,361
Debt not guaranteed by AIG:
Other subsidiaries notes, bonds, loans and
mortgages payable 0.20% – 8.29% 2014 – 2060 325
Debt of consolidated investments(c) 0.03% – 10.00% 2014 – 2052 1,814
Total debt not guaranteed by AIG – – 2,139
Total long term debt(d) – – $ 48,500
(a) On July 11, 2013. AIGLH junior subordinated debentures with the same terms as the trust preferred securities were distributed to holders of the
trust preferred securities, and the trust preferred securities were cancelled.
(b) AIG Parent guarantees all DIB debt, except for MIP notes payable and Series AIGFP matched notes and bonds payable, which are direct
obligations to AIG Parent.
(c) At December 31, 2013, includes debt of consolidated investments held through AIG Global Real Estate Investment Corp., AIG Credit Corp., AIG
Life and Retirement and AIG Property Casualty U.S. of $1.5 billion, $111 million, $201 million and $58 million, respectively. At December 31, 2012,
includes debt of consolidated investments held through AIG Global Real Estate Investment Corp., AIG Credit Corp. and AIG Life and Retirement of
$1.5 billion, $176 million and $133 million, respectively.
(d) Excludes $21.4 billion and $24.3 billion related to ILFC as it is classified as a held-for-sale business at December 31, 2013 and 2012,
respectively.
14. DEBT
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AIG 2013 Form 10-K286
ITEM 8 / NOTE 14. DEBT
Balance at Balance at
At December 31, 2013 Range of Maturity December 31, December 31,
(in millions) Interest Rate(s) Date(s) 2013 2012
$ 14,062
250
5,533
1
299
1,054
21,199
7,963
3,219
5,530
1,217
17,929
39,128
656
1,909
2,565
$ 41,693
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