American International Group, the global insurer close to paying back the $182 billion in federal bailout assistance it received, has entered into three bank credit facilities.

Robert H. Benmosche

The New York-based insurer said it entered into 364-day and three-year bank credit facilities of $1.5 billion each.

Its Chartis property-casualty insurance unit also entered into a one-year, $1.3 billion letter of credit facility.

AIG officials say the facilities will become available after it completes its recapitalization plan with the U.S. Treasury Department, the Federal Reserve Bank of New York and the AIG Credit Facility Trust.

The signing of the AIG and Chartis facilities follows AIG’s successful return to the debt market earlier this month, at which time AIG raised $2 billion selling senior unsecured notes and also established a $500 million contingent liquidity facility after more than a two-year absence from these markets.

“This success is another important vote of confidence by the market in AIG,” said AIG Chief Executive Officer Robert Benmosche. “These credit facilities, combined with the debt offering and contingent liquidity facility, demonstrate that AIG has momentum and has made substantial and impressive progress this year.

“As we approach year’s end, we believe we are close enough to completing our recapitalization plan that we can see the finish line,” Mr. Benmosche said.

Over the last six months AIG achieved the following milestones:

• Sold an aggregate of $2.0 billion in debt, including $500 million in three-year notes and $1.5 billion in 10-year notes Dec. 2.
• Established a $500 million contingent liquidity facility Dec. 15.
• Raised $37 billion through the ALICO sale and AIA initial public offering earlier this fall.
• Entered an agreement to sell its AIG Star and AIG Edison life insurance companies for $4.3 billion Sept. 30.
• Also Sept. 30, announced AIG’s recapitalization plan to repay the Federal Reserve Bank of New York in full, facilitate the government’s ultimate exit from AIG, and repay taxpayers.