NEW YORK (AP) - American International Group Inc. says it is repaying nearly $4 billion in federal bailout loans.
The insurer said Monday it will pay back the taxpayer-funded loans with proceeds from a recently completed $4.4 billion debt sale at its aircraft leasing company, International Lease Finance Corp.
The payment will trim AIG's outstanding balance on its credit line with the Federal Reserve Bank of New York to about $15 billion. The payment is the largest that AIG has made to that credit line.
Overall, New York-based AIG received a $180 billion federal bailout during the financial crisis to avoid collapse.