Market Overview

Brookfield Terminates Swap Deal with AIG

Share:
Related BAM
Benzinga's M&A Chatter for Thursday January 28, 2015
Benzinga's M&A Chatter for Tuesday January 19, 2015
Brookfield Renewable Energy: Stability, Expansion, And A Growing Dividend (Seeking Alpha)
Related AIG
12 Stocks To Watch For February 11, 2016
Earnings Scheduled For February 11, 2016
Notable earnings after Thursday's close (Seeking Alpha)

Brookfield Asset Management Inc. ("Brookfield") (NYSE: BAM) announced today that it has reached agreement with American Insurance Group, Inc. (NYSE: AIG) to terminate two related 25-year interest rate swap agreements executed in 1990 between Brookfield and AIG. As consideration for terminating the Swap Agreement, Brookfield agreed to pay a single lump sum payment of US$905 million to AIG. The Swap Agreement, which was accounted for in Brookfield's financial statements as at June 30, 2013 as an approximate $1.4 billion liability, was subject to litigation that had been pending in the United States District Court for the Southern District of New York and will be dismissed in conjunction with the consensual termination of the Swap Agreement.

Posted-In: News

 

Related Articles (AIG + BAM)

Get Benzinga's Newsletters