AIG's (AIG) MetLife (MET) Sale Garners $9.6 Billion

The selling of 147 million shares AIG (NYSE:AIG) held in MetLife Inc (NYSE:MET) resulted in the company raising $9.6 billion, with $6.3 billion coming in sales of common stock, and the other 3.3 billion in sales of preferred shares.

Strong demand for acquisition of the MetLife shares allowed AIG to complete the offering a day ahead of time.

According to AIG, they sold the common shares of the company for $43.25 a share, which brought $6.35 billion to the company.

The company will take $6.3 billion of the capital raised and apply it immediately to paying down the debts they owe. The other $3.3 billion will be placed in an escrow account.

MetLife shares were received by AIG when they sold the company its Alico international insurance business subsidiary.

The escrow money will be released in three stages: in November 2011, November 2012 and May 2013, assuming there are no legal claims requiring AIG to indemnify MetLife

AIG closed at $37.30, gaining $0.60, or 1.63 percent. MetLife closed at $43.4, dropping $2.63, or 5.71 percent.