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DEBT
 12 Months Ended
Dec. 31, 2015
DEBT  
DEBT

14. DEBT

Our 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, when applicable. The interest rates presented in the following table reflect the range of contractual rates in effect at December 31, 2015, including fixed and variable rate issuances.

The following table lists our total debt outstanding at December 31, 2015 and 2014. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2015, including fixed and variable-rates:

Balance atBalance at
At December 31, 2015Range ofMaturityDecember 31,December 31,
(in millions)Interest Rate(s)Date(s)20152014
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable2.30% - 8.13%2016 - 2097$17,136$15,570
Subordinated debt2.38%2015-250
Junior subordinated debt4.88% - 8.63%2037 - 20581,3372,466
AIG Japan Holdings Kabushiki Kaisha0.44% - 1.25%2016 - 2019106-
AIGLH notes and bonds payable6.63% - 7.50%2025 - 2029284284
AIGLH junior subordinated debt7.57% - 8.50%2030 - 2046422536
Total AIG general borrowings19,28519,106
AIG borrowings supported by assets:(a)
MIP notes payable2.28% - 8.59%2016 - 20181,3722,870
Series AIGFP matched notes and bonds payable0.16% - 7.50%2017 - 20473434
GIAs, at fair value0.02% - 7.62%2016 - 2047 3,276 4,648
Notes and bonds payable, at fair value0.12% - 10.37%2016 - 2047 394 818
Total AIG borrowings supported by assets5,0768,370
Total debt issued or guaranteed by AIG24,36127,476
Debt not guaranteed by AIG:
Other subsidiaries notes, bonds, loans and
mortgages payable0.06%2017 2 58
Debt of consolidated investments(b)0.00% - 6.6%2016 - 20624,9873,683
Total debt not guaranteed by AIG4,9893,741
Total long term debt $29,350$31,217

(a) AIG Parent guarantees all such debt, except for MIP notes payable and Series AIGFP matched notes and bonds payable, which are direct obligations of AIG Parent.  Collateral posted to third parties was $2.4 billion and $3.5 billion at December 31, 2015 and December 31, 2014, respectively.  This collateral primarily consists of securities of the U.S. government and government sponsored entities and generally cannot be repledged or resold by the counterparties.

(b) At December 31, 2015, includes debt of consolidated investment vehicles related to real estate investments of $2.4 billion, affordable housing partnership investments and securitizations of $2.2 million, and other securitization vehicles and investments of $359 million, respectively. At December 31, 2014, includes debt of consolidated investment vehicles related to real estate investments of $2.1 billion, affordable housing partnership investments and securitizations of $853 million, and other securitization vehicles and investments of $728 million, respectively.

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 $5 billion in borrowings of debt of consolidated investments:

December 31, 2015Year Ending
(in millions) Total20162017201820192020Thereafter
Debt issued or guaranteed by AIG:
AIG general borrowings:
Notes and bonds payable$17,136$992$192$1,106$999$1,345$12,502
Subordinated debt-------
Junior subordinated debt1,337-----1,337
AIG Japan Holdings Kabushiki Kaisha106---106--
AIGLH notes and bonds payable284-----284
AIGLH junior subordinated debt422-----422
Total AIG general borrowings19,2859921921,1061,1051,34514,545
AIG borrowings supported by assets:
MIP notes payable1,372245781346---
Series AIGFP matched notes and
bonds payable34-10---24
GIAs, at fair value3,27619017646490412,315
Notes and bonds payable, at fair value39419210123--69
Total AIG borrowings supported by assets5,07662797793390412,408
Total debt issued or guaranteed by AIG24,3611,6191,1692,0391,1951,38616,953
Other subsidiaries notes, bonds, loans
and mortgages payable2-2----
Total$24,363$1,619$1,171$2,039$1,195$1,386$16,953

Uncollateralized and collateralized notes, bonds, loans and mortgages payable consisted of the following:

UncollateralizedCollateralized
At December 31, 2015Notes/Bonds/LoansLoans and
(in millions)PayableMortgages PayableTotal
AIG general borrowings$-$106$106
Other subsidiaries notes, bonds, loans and mortgages payable*-22
Total$-$108$108

* 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 one of the termination provisions set forth in the New RCCs was triggered when it was determined that neither series of junior subordinated debentures received equity credit any longer for rating agency purposes.

In 2015, we repurchased approximately $588 million aggregate principal amount of our 8.175% Series A-6 Junior Subordinated Debentures.

AIGLH Junior Subordinated Debentures (Formerly, Liabilities Connected To Trust Preferred Stock)

In connection with our acquisition of AIG Life Holdings, Inc. (AIGLH) in 2001, we entered into arrangements with AIGLH with respect to outstanding AIGLH capital securities. In 1996, AIGLH issued capital securities through a trust to institutional investors and funded the trust with AIGLH junior subordinated debentures issued to the trust with the same terms as the capital securities.

On July 11, 2013, the AIGLH junior subordinated debentures were distributed to holders of the capital securities, the capital securities were cancelled and the trusts were dissolved. At December 31, 2015, the junior subordinated debentures outstanding consisted of $116 million of 8.5 percent junior subordinated debentures due July 2030, $227 million of 8.125 percent junior subordinated debentures due March 2046 and $79 million of 7.57 percent junior subordinated debentures due December 2045, each guaranteed by AIG Parent.

Credit Facilities

On November 5, 2015, we amended and restated the five-year syndicated credit facility entered into on June 19, 2014 (the Previous Facility). The amended and restated five-year syndicated facility (the Five-Year Facility) provides for aggregate commitments by the bank syndicate to provide unsecured revolving loans and/or standby letters of credit of up to $4.5 billion (increased from a $4.0 billion commitment in the Previous Facility) without any limits on the type of borrowings and is scheduled to expire in November 2020 (the Previous Facility was scheduled to expire in June 2019). The increased commitment of $500 million to the Five-Year Facility offsets the effect of the expiration of our $500 million contingent liquidity facility.

At December 31, 2015 Available Effective
(in millions)Size Amount ExpirationDate
Five-Year Syndicated Credit Facility$4,500$4,500November 202011/5/2015