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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2014
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

Debt Redemptions and Repurchases

On October 27, 2014, we further reduced DIB debt through a redemption of approximately $2.0 billion aggregate principal amount of its 8.250% Notes due 2018 using cash allocated to the DIB.

In addition, since September 30, 2014, we repurchased approximately $2.0 billion aggregate principal amount of debt, including (i) approximately $1.6 billion aggregate principal amount of 8.175% Series A-6 Junior Subordinated Debentures and (ii) approximately $405 million aggregate principal amount of 5.450% Medium-Term Notes, Series MP, Matched Investment Program Due May 18, 2017, which were part of the DIB and were repaid using cash allocated to the DIB.

We paid an aggregate purchase price of approximately $5.1 billion in connection with our redemptions and repurchases of debt since September 30, 2014.

Debt Offering

On October 15, 2014, we issued an additional $750 million aggregate principal amount of 4.500% Notes due 2044.

Dividends Declared and Increase in Share Repurchase Authorization

On November 3, 2014, our Board of Directors declared a cash dividend on AIG Common Stock of $0.125 per share, payable on December 18, 2014 to shareholders of record on December 4, 2014. The payment of any future dividends will be at the discretion of our Board of Directors and will depend on various factors, including the regulatory framework applicable to us.

On October 31, 2014, our Board of Directors increased the aggregate purchase amount authorized under AIG’s August 1, 2013 AIG Common Stock share repurchase authorization by an additional $1.5 billion, resulting in an aggregate remaining authorization of approximately $1.5 billion.

See Note 11 for further discussion.

Legal Settlements

On October 22, 2014, we made a cash payment of $960 million, which is being held in escrow pending final approval of the settlement of the Consolidated 2008 Securities Class Action. See Note 10 for further discussion.