AIG 2013 Annual Report Download - page 305

The following table presents maturities of long-term debt (including unamortized original issue discount,
hedge accounting valuation adjustments and fair value adjustments, when applicable), excluding $1.9 billion
in borrowings of debt of consolidated investments:
General borrowings:
Notes and bonds payable $ 14,062 $ – $ 999 $ 1,781 $ 1,374 $ 2,494 $ 7,414
Subordinated debt 250 – 250 – – – –
Junior subordinated debt 5,533 –––––5,533
Loans and mortgages payable 1–1––– –
AIGLH notes and bonds payable 299 –––––299
AIGLH junior subordinated debt 1,054 –––––1,054
AIG general borrowings $ 21,199 $ – $ 1,250 $ 1,781 $ 1,374 $ 2,494 $ 14,300
AIG/DIB borrowings supported by assets:
MIP notes payable 7,963 1,575 900 1,215 3,866 407 –
Series AIGFP matched notes and
bonds payable 3,219 1,000 – – 10 1,983 226
GIAs, at fair value 5,530 632 597 311 249 655 3,086
Notes and bonds payable, at fair value 1,217 116 223 220 141 164 353
AIG/DIB borrowings supported by assets 17,929 3,323 1,720 1,746 4,266 3,209 3,665
Other subsidiaries notes, bonds, loans and
mortgages payable 656 7 44 3 5 3 594
Total $ 39,784 $ 3,330 $ 3,014 $ 3,530 $ 5,645 $ 5,706 $ 18,559
Uncollateralized and collateralized notes, bonds, loans and mortgages payable consisted of the following:
AIG general borrowings $ 1 $ – $ 1
Other subsidiaries notes, bonds, loans and mortgages payable*83 573 656
Total $ 84 $ 573 $ 657
* AIG does not guarantee any of these borrowings.
During 2007 and 2008, we issued an aggregate of $12.5 billion of junior subordinated debentures denominated in
U.S. dollars, British pounds and euros in eight series of securities. In November 2011, we exchanged certain of our
outstanding U.S. dollar, British pound and euro junior subordinated debentures for newly issued senior notes in
equivalent currencies pursuant to an exchange offer. This exchange resulted in a pre-tax gain on extinguishment of
debt of approximately $484 million, which is reflected in Loss on extinguishment of debt in the Consolidated
Statements of Income and a deferred gain of $65 million, which is being amortized as a reduction to future interest
expense.
In connection with the issuance of the eight series of junior subordinated debentures, we had entered into
replacement capital covenants (the Original RCCs) for the benefit of the holders of ‘‘covered debt’’ (a designated
series of our notes). The Original RCCs provided that we would not repay, redeem, or purchase the applicable series
of junior subordinated debentures on or before a specified date, unless we issued certain replacement capital
securities. In August 2012, we issued an aggregate of $250 million of 2.375% Subordinated Notes due 2015 (the
Subordinated Notes), which upon their issuance became the ‘‘covered debt’’ under the Original RCCs. The holders of
the newly issued Subordinated Notes, as the holders of the ‘‘covered debt’’ under the Original RCCs, consented to
Junior Subordinated Debt
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AIG 2013 Form 10-K 287
ITEM 8 / NOTE 14. DEBT
Year Ending
December 31, 2013
(in millions) Total 2014 2015 2016 2017 2018 Thereafter
Uncollateralized Collateralized
At December 31, 2013 Notes/Bonds/Loans Loans and
(in millions) Payable Mortgages Payable Total
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