Shares of American International Group Inc. rose as more than 11% Monday, rallying as investors applauded the insurer’s move to secure $4.3 billion in credit facilities.
The gains put shares of AIG at a 52-week high.
The total is spread across three agreements. Two of them are in the amount of $1.5 billion, one a 364-day facility and the other a three-year facility, and will see commercial banks make loans of up to $3 billion to AIG. The third agreement is for a $1.3 billion letter of credit facility for AIG’s property-and-casualty subsidiary Chartis Inc.