AIG 2014 Annual Report Download - page 301

ITEM 8 / NOTE 15. DEBT
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284
Total long term debt (c) $ 31,217 $ 41,693
(a) AIG Parent guarantees all DIB debt, except for MIP notes payable and Series AIGFP matched notes and bonds payable, which are direct obligations of AIG
Parent.
(b) At December 31, 2014, includes debt of consolidated investments held through AIG Global Real Estate Investment Corp., AIG Credit Corp., AIGLH and AIG
Property Casualty Inc. of $2.0 billion, $54 million, $1.5 billion and $122 million, respectively. At December 31, 2013, includes debt of consolidated investments
held through AIG Global Real Estate Investment Corp., AIG Credit Corp., AIGLH and AIG Property Casualty Inc. of $1.5 billion, $111 million, $696 million and
$58 million, respectively.
(c) At December 31, 2013, excludes $21.4 billion related to ILFC as it is classified as a held-for-sale business.
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 $3.7 billion in borrowings
of debt of consolidated investments:
December 31, 2014 Year Ending
(in millions) Total 2015 2016 2017 2018 2019 Thereafter
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable $ 15,570 $ 847 $ 1,554 $ 510 $ 2,407 $ 998 $ 9,254
Subordinated debt 250 250 - - - - -
Junior subordinated debt 2,466 - - - - - 2,466
AIGLH notes and bonds payable 284 - - - - - 284
AIGLH junior subordinated debt 536 - - - - - 536
Total AIG general borrowings 19,106 1,097 1,554 510 2,407 998 12,540
AIG/DIB borrowings supported by assets:
MIP notes payable 2,870 132 366 2,019 353 - -
Series AIGFP matched notes and
bonds payable 34 - - 10 - - 24
GIAs, at fair value 4,648 619 165 226 631 180 2,827
Notes and bonds payable, at fair value 818 132 168 131 153 - 234
Total AIG/DIB borrowings supported by assets 8,370 883 699 2,386 1,137 180 3,085
Total debt issued or guaranteed by AIG 27,476 1,980 2,253 2,896 3,544 1,178 15,625
Other subsidiaries notes, bonds, loans
and mortgages payable 58 38 1 1 1 1 16
Total $ 27,534 $ 2,018 $ 2,254 $ 2,897 $ 3,545 $ 1,179 $ 15,641
Uncollateralized and collateralized notes, bonds, loans and mortgages payable consisted of the following:
Uncollateralized Collateralized
At December 31, 2014 Notes/Bonds/Loans Loans and
(in millions) Payable Mortgages Payable Total
Other subsidiaries notes, bonds, loans and mortgages payable* 14 44 58
Tota l $ 14 $ 44 $ 58
* AIG does not guarantee any of these borrowings.
Junior Subordinated Debt
In August 2012, we entered into new replacement capital covenants (the New RCCs) for the initial benefit of the holders of our
2.375% Subordinated Notes due 2015 (the Subordinated Notes), in connection with our 5.75% Series A-2 Junior Subordinated
Debentures and our 4.875% Series A-3 Junior Subordinated Debentures. We covenanted in each New RCC that, subject to
certain exceptions, we would not repay, redeem or purchase, and that none of our subsidiaries would purchase, the applicable
series of junior subordinated debentures prior to the scheduled termination date of that New RCC, unless since the date 360
days prior to the date of that repayment, redemption or purchase, we have received a specified amount of net cash proceeds
from the sale of common stock or certain other qualifying securities that have certain characteristics that are at least as equity-
like as the applicable characteristics of the applicable series of junior subordinated debentures, or we or our subsidiaries have
issued a specified amount of common stock in connection with the conversion or exchange of certain convertible or
exchangeable securities. In the first quarter of 2013, our obligations under the New RCCs were effectively terminated because