Insurance giant American International Group (AIG) is obtaining $3 billion in credit facilities as it works to payback the federal aid funds received after the economic crisis of 2008. The $3 billion in credit facilities will be split evenly between a 364-day agreement and a three-year agreement, AIG said, adding that its insurance division Chartis has entered a one-year, $1.3 billion letter of credit facility. There are 36 banks participating in the facilities The agreement is helping AIG recover, which earlier this month raised $2 billion selling senior unsecured notes and established a $500 million contingent liquidity facility. AIG in September announced a recapitalization plan under which it would be able to repay the American taxpayer for the federal aid funds. The deal gave Treasury a 92.1 percent stake in AIG before it could begin selling its shares. AIG received the biggest government rescue of any financial company during the economic crisis, worth $182 billion from the Federal Reserve and Treasury.
